Equity Impact Investments
EDA is currently seeking an organization or coalition to provide technical assistance to build capacity within organizations serving underserved populations and communities to help them effectively participate in their local economic development efforts.
Click here to see the Notice of Funding Opportunity that was published on June 16, 2022. The deadline to apply was August 5, 2022. Award will be made by September 30, 2022
What is the Equity Impact Investments Program?
Assistant Secretary Alejandra Castillo meets M. Yasmina McCarty to launch Equity Impact Investments from New Growth Innovation Network on Vimeo.
This program aims to provide capacity, knowledge and technical assistance to organizations that serve underrepresented populations. The program seeks to build a coalition of these organizations to enhance and sustain their participation and engagement in various economic development initiatives, while also creating opportunities for EDA projects to better serve underserved populations and communities, such as urban cores, women, people of color and any group that has been historically underserved.
EDA is seeking applications to bring together a coalition of organizations with a proven track record of effectively working with, conducting outreach to and delivering outcomes for these communities.
What are the details of this funding opportunity?
Funding for the program is between $3 million and $10 million and will be dependent on reach, impact and number of grants awarded. Ideal budget requests per grant is between $3 million to $6 million. The award will be made by September 30, 2022.
What are some desired outcomes for this program?
- A strong network of organizations serving underserved populations and communities that have developed a strong understanding of foundational economic development practices and principles
- Underserved populations and organizations begin to engage in and implement economic development strategies, programs, projects and related initiatives as measured by project starts, grants or investments received, CEDS executed or updated, or similar metrics
- Evergreen resources that EDA may provide to future and current grantees, staff and partners
- Improved EDA grantee equity plans and outcomes through more targeted partnerships with organizations that serve specific underserved populations and communities
What are the evaluation criteria?
- Strategic Approach (30 Points)
- Organizational or Applicant Capacity and Personnel (15 Points)
- Cross Collaboration with other EDA and/or other Economic Development Partners (15 Points)
- Feasibility of Deliverables and Timeline (15 Points)
- Sustainability, Scalability, and Dissemination (15 Points)
- Feasibility of Budget and Financial Match (10 Points)
What are example program activities?
- Provide organizations serving underserved populations with tangible ways to systemically impact local economic development (e.g., through leadership and governance)
- Increase organizations’ economic development understanding, readiness, and capacity
- Develop tools to help prospective grantees draft compelling applications
- Help build connections and partnerships to position projects for other potential funders
- Assist eligible applicants in understanding and aligning projects with CEDS
- Assist EDA’s Good Jobs Challenge grantees with workforce training program recruitment in underserved communities to diversify program participation
- Assist EDA’s Build Back Better Regional Challenge grantees with including organizations serving underserved communities in coalitions and plans
- Coordinate with EDA’s Networks program and National Technical Assistance program to support EDA grantees in driving equitable economic development outcomes at scale
- Frequently Asked Questions (PDF)
- Potential Coalition Organizations (PDF)
- Equity Impact Investments Webinar
- Slides (PDF)
If you have any questions or comments about EDA’s Equity Impact Investments, please contact EquityImpact@eda.gov.