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California Investment and Innovation Fund (Cal IIP) Program

Grantor:
State Treasurer's Office
Portal ID:
49721
Status:
Closed
Opportunity Type:
  • Grant
Last Updated:
 | 
Categories:

Details

Purpose:

Cal IIP was established to provide grants to enhance the capacity and ability of community development financial institutions (CDFIs) to provide programs including technical assistance and access to capital to economically disadvantaged communities throughout California.

Description:

The Legislature designed Cal IIP to provide grants enhancing the capacity and ability of community development financial institutions (CDFIs) to provide programs including technical assistance and access to capital to economically disadvantaged communities throughout California. CDFIs can use the grants to fund services and operations that contribute to the CDFI’s overall community development mission. CDFIs can also use the grants to supplement their net assets and increase their capacity to attract additional funding.

Eligibility Requirements

Eligible Applicants:

  • Business

The applicant must be a CDFI and have a current certification by the Code of Federal Regulations, a minimum net worth of $25,000, and 5 loans in the 12 months prior to submitting application. The CDFI must have an office in CA and officers living in California or a record of lending in California, based on at least 25% of applicant’s loan portfolio to CA projects, and provided financial assistance in CA totaling $10 million in the 3 years prior.

Eligible Geographies:

The CDFI must have a record of lending in California. 

Important Dates

The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.
The date on which the grantor expects to announce the recipient(s) of the grant.
February 1, 2024
The length of time during which the grant money must be utilized.
3 years

Funding Details

The total projected dollar amount of the grant.
$15,000,000
A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
Dependent
Certain grants require that the recipient(s) provide a letter of intent.
No
Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • State

Funding Source Notes:

Per legislation, 20% of funds available will be for small and emerging CDFIs. This funding will be divided  among applicants that are small and emerging CDFIs. The size of grant awards shall be based on the total amount of loans closed by each applicant in the last fiscal year. Funding shall be awarded on a tier system. The funding amounts per tier may be less than the grant award depending on availability and number of applicants.

The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advance(s)

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
1-916-654-5610, caliip@treasurer.ca.gov

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