The Economic Opportunity Coalition (EOC), launched by Vice President Kamala Harris in July 2022, comprises over two dozen companies committed to investing in small businesses within underserved communities. These efforts aim to address economic disparities and stimulate local economic activity. To date, the EOC has announced $1 billion in deposits with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through partnerships with private companies.
In parallel, the Treasury Department released new data on lending activities by participants of the Emergency Capital Investment Program (ECIP). Established to support community financial institutions in providing financial products and services to low- and moderate-income and underserved communities, ECIP has facilitated capital investments in CDFIs and MDIs with a history of serving these markets.
Over approximately 18 months, ECIP participants originated $58.3 billion in loans, with more than one-third directed towards individuals and communities traditionally lacking access to capital, referred to as "Deep Impact Lending." Additionally, ECIP participants provided $4.5 billion for small businesses, $1.2 billion for affordable housing financing, and $2.6 billion in mortgages for minorities and other targeted populations. Resources for individuals or small businesses seeking assistance are available on the ECIP website.
Success stories from various institutions highlight the impact of public-private partnerships:
First Independence Bank (MDI), Detroit, MI
Total ECIP Investment: $45,260,000
Kenneth Kelly, Chairman & President: “ECIP funding has been instrumental for First Independence Bank, enabling us to enhance our services and partnerships, growing our assets to nearly $600 million. This support enriches our customers’ financial well-being and strengthens our community.”
Success Story: Through Q2 2024, First Independence Bank provided $316,000 in small business loans and $236,000 in loans to underserved businesses.
Asian Bank (CDFI and MDI), Philadelphia, PA
Total ECIP Investment: $66,069,000
James Wang, President & CEO: “Asian Bank is profoundly grateful for the transformative impact of ECIP and EOC funding.”
Success Story: Asian Bank provided a $75,000 Small Business Booster Loan to Manba Mini Market in Kensington.
Locus Bank (CDFI), Richmond, VA
Total ECIP Investment: $36,400,000
Clyde Cornett, Interim CEO & CFO: “ECIP funding has significantly bolstered Locus Bank’s capital base.”
Success Story: Locus Bank provided a $7.5 million predevelopment line of credit for the Somos at McLean project.
M&F Bank (MDI), Durham, NC
Total ECIP Investment: $80,000,000
James H. Sills III, CEO: “M&F Bank is deeply grateful for EOC’s support.”
Success Story: M&F Bank provided $6.5 million in debt financing to Shaw University.
Self-Help Credit Union (CDFI and MDI), Durham, NC
Total ECIP Investment: $243,000,000
Martin Eakes, CEO: “Treasury’s ECIP investments are transformative.”
Success Story: Self-Help Credit Union provided a $796,500 loan to A Safe Place Child Enrichment Center.
Native American Bank (CDFI and MDI), Denver CO
Total ECIP Investment: $37 414 000
Tom Ogaard President & CEO:“The ECIP funding has provided Native American Bank with the capital.”
Success Story Native American Bank closed two loans totaling $10 9 million to finance healthcare facility expansion
Optus Bank (CDFI and MDI), Columbia SC
Total ECIP Investment:$70 923 000
Dominik Mjartan CEO:“ECIP and EOC investments have enabled Optus bank.”
Success Story Optus bank supported Dream Team Consulting developing solar farm
Southern Bancorp (CDFI) Arkadelphia AR
Total ECIP Investment:$250 000 000
Darrin Williams CEO:“ECIPs impact is both transformational generational”
Success Story Southern Bancorp helped African-American first-time homebuyer secure mortgage
Liberty Bank (CDFI MDI) New Orleans LA Total ECIP investment:$133 000 000 Alden McDonald Jr CEO:“Because of the ecip investment we were able launch new initiatives” Success story Liberty bank funded business loan purchase commercial vehicle
