I have watched how CDFIs support small business owners and home owners where banks and credit unions could not. The amount banks charge is often above what people can pay, CDFIs that are nonprofits even the playing field for them by investing in the people and not company profits.
Mary Stoick from Sunrise Bank in Minneapolis, Minnesota, is the reason my family’s business, which had been in operation for 71 years, is still thriving. We were on the verge of collapse, and being evicted from our old location at that point made it even more challenging. In a desperate attempt to save our business, I decided to take a risky gamble and enter the food truck business. We were incredibly fortunate with the outcome of that decision. While our food truck business was thriving, we faced significant difficulties in finding a lender with fair pricing. Mary informed us that unfortunately, all the allocated funds for their tax credit loan had been exhausted, and they would no longer be able to provide us with funding through that avenue. She emphasized the slim chances of success, urging me to let it go, but I refused to give up. I relentlessly pursued her for days, and finally, something gave way. There were just enough funds to allow us to continue our family legacy. We are now approaching 80 years old, and I have a son. If he chooses to follow in our footsteps, he could potentially extend our business history to 125 years. None of this would have been possible without Mary and Sunrise Bank. This is not an exaggerated or fabricated story; it’s a true account of my life. Mary stands out among many as one of the few who genuinely cares for her customers, making her a rare gem. I sincerely hope that this allocation goes through so that she can continue to do for others what she has done for me.
CDFIs can provide financial tools tailored to the needs of their communities. As a non-profit CDFI serving low-income rural communities, this is very valuable.