Delaware launches fund to boost access to capital in underserved communities

Financial institutions serving Delaware’s underserved neighborhoods now have a new opportunity to support local economic growth, thanks to a newly launched state fund aimed at increasing access to capital in low- to moderate-income areas.

The Delaware Council on Banking has opened applications for the Delaware Community Investment Venture Fund (DCIVF), a program designed to help banks, credit unions, and Community Development Financial Institutions (CDFIs) develop and deploy innovative financial products in communities that have historically lacked access to capital and financial services.

“The Delaware Community Investment Venture Fund reflects our ongoing commitment to fostering equitable economic development across the state,” said Governor Matt Meyer. “By providing targeted support to financial institutions serving low-to-moderate-income communities, we are strengthening the foundation for inclusive growth and long-term prosperity in Delaware.”

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Eligible institutions can apply for grants that support projects aimed at developing and testing new financial products, underwriting tools, or services.

The goal is to enhance access to funding and capital for businesses operating in underserved areas.

“I created the community investment venture fund to build an economic ecosystem that provides more access to capital,” said Sen. Darius Brown, D-Wilmington. “Commerce is the life’s blood of our economy and through intentional investments, we are the place where opportunity lives.”

Applications for the DCIVF opened on May 15, and must be submitted by 5 p.m. on June 16.

An optional virtual information session will be held on May 22 at 3 p.m. for interested applicants.

“The Fund aligns with our regulatory priorities of ensuring fair access to financial services and strengthening the safety and soundness of institutions serving vulnerable communities,” said State Bank Commissioner Robert Glen. “We encourage banks, credit unions, and CDFIs to apply.”

More details about the program and application process are available here.