Federal Reserve Bank of Kansas City to launch COVID-19 Investment Connection seriesMarch 25, 2020
FOR IMMEDIATE RELEASE
March 25, 2020
CONTACT: Victoria Rosengarten
KANSAS CITY, MISSOURI – The Federal Reserve Bank of Kansas City announced a special launch of its signature community development program Investment Connection, with a focus on connecting nonprofits affected by COVID-19 to funders.
Tenth District community organizations focused on supporting low- to moderate-income populations affected by the coronavirus outbreak can now apply for the chance to connect with potential funders. Nonprofits in New Mexico, Colorado, Oklahoma, Nebraska, Wyoming, Western Missouri and Kansas can submit proposals by April 8 at kansascityfed.org.
Following an evaluation of the proposals, the Kansas City Fed will host a series of Investment Connection webinars to facilitate connections between nonprofits, whose needs qualify for credit under the Community Reinvestment Act (CRA), and financial institutions, foundations and government agencies to foster economic and community development to address needs related to COVID-19.
The participants and investment opportunities are exclusive to the geographic area of the Kansas City Fed’s District. Funding requests range from $25,000 to $2.5 million, and geographic target areas range from single community developments to statewide efforts.
Since 2011, Investment Connection has connected nonprofits with more than $36 million in funding. The success of the program led to its expansion with the Federal Reserve Banks of Cleveland, Dallas, Minneapolis, New York, Richmond, and St. Louis.
During an Investment Connection event, nonprofits pitch their CRA-eligible proposal to financial institutions, corporate enterprises and community foundations in the hopes of securing funding. It also provides opportunities to inform funders about critical needs facing low- and moderate-income populations and to begin building relationships with members of the nonprofit community.
The Investment Connection: Response to COVID-19 webinar schedule is:
- New Mexico - May 4
- Colorado - May 5
- Oklahoma - May 6
- Nebraska - May 7
- Western Missouri/Kansas - May 8
Visit kansascityfed.org for additional details. Read the joint statement from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency on CRA Consideration for Activities in Response to COVID-19.
As the regional headquarters of the nation’s central bank, the Federal Reserve Bank of Kansas City, along with its Branch offices in Denver, Oklahoma City and Omaha, participates in each of the Federal Reserve’s three mission areas of monetary policy, banking supervision and financial services. The Bank serves the Tenth Federal Reserve District, a region that includes western Missouri, Nebraska, Kansas, Oklahoma, Wyoming, Colorado and northern New Mexico.