Emergency Capital Investment Program


Under the ECIP, Treasury will invest $8,570,109,000 in capital directly to credit unions, insured depository institutions, and bank or savings and loan holding companies that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs) to, among other things, provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities that may be disproportionately impacted by the economic effects of the COVID-19 pandemic. The ECIP is not a grant program. The ECIP is a direct investment program comprising the purchase of preferred stock or subordinated debt instruments from eligible financial institutions.

General information about this opportunity
Last Known Status
Program Number
Federal Agency/Office
Departmental Offices, Department of The Treasury
Type(s) of Assistance Offered
D - Direct Payments With Unrestricted Use
Program Accomplishments
Not applicable.
Consolidated Appropriations Act, 2021, Part Division N, Title V, Section 522
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
Not applicable.
Beneficiary Eligibility
Not applicable.
Not applicable. No new awards will be made in FY 2024.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is not applicable.
Application Procedure
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Not Applicable. No new awards will be made in FY 2024.
Award Procedure
Not Applicable. No new awards will be made in FY 2024.
Not Applicable. No new awards will be made in FY 2024.
Approval/Disapproval Decision Time
Not applicable.
Not applicable.
Not applicable.
How are proposals selected?
Not Applicable. No new awards will be made in FY 2024.
How may assistance be used?
No Functional Application/Unlimited Application.
What are the requirements after being awarded this opportunity?
Performance Reports: Quarterly supplemental reports, in a format specified by Treasury, with details of the recipient’s lending to target communities. Treasury plans to collect information on growth in lending, growth in qualified lending, and deep-impact lending. Note – Additional information could be collected at Treasury’s discretion.
Not applicable.
Applicants will be required to maintain records and financial documents related to their use of investments in accordance with requirements set forth in the legal agreements. The Recipient's financial records shall be maintained in such a manner and scope to ensure that the Initial Supplemental Report and Quarterly Supplemental Reports can be prepared and filed in accordance with the instructions thereto and will reflect a fair presentation of the institution's qualified lending and deep impact lending. The Recipient shall maintain in its files a signed and attested record of its completed Initial Supplemental Report, any Quarterly Supplemental Reports, any amended reports, and the methodology used to generate the data in the Initial Supplemental Report and Quarterly Supplemental Reports, for five (5) years after the report date, unless any applicable state requirements mandate a longer retention period.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
Treasury will make investments in approved institutions in FY 2022 and 2023. Method of awarding/releasing assistance: Lump.
Who do I contact about this opportunity?
Regional or Local Office
None/Not specified.
Headquarters Office
United States Department of the Treasury Attn: Emergency Capital Investment Program
U.S. Department of Treasury/Departmental Offices
Washington, DC 20220 USA
Phone: (202) 622-2000
Website Address
Financial Information
Account Identification
(Direct Payments with Unrestricted Use) FY 22$8,285,417,000.00; FY 23 est $284,692,000.00; FY 24 est $0.00; FY 21$0.00; -
Range and Average of Financial Assistance
Not applicable. No new awards in FY 2024.
Regulations, Guidelines and Literature
Regulation: 31 CFR Part 35; Guidelines: Application materials and other materials on the ECIP website.
Examples of Funded Projects
Fiscal Year 2023 Through August 2023, Treasury made preferred stock and subordinated debt investments in 170 credit unions, banks, and holding companies totaling approximately $8.38 billion.


Federal Grants Resources