The impact that CDFI credit unions can make in lower income areas by providing financial tools for the community raises the financial independence of individuals in that area and then lessens the amount of ongoing aid that needs to be provided by the government directly to those communities.
CDFIs are filling the deep credit gap encountered in many communities providing financing to small businesses, affordable housing, and community facilities, creating jobs and business opportunities and promoting revitalization.
CDFIs provide access to critical financial services and education in a way that’s accessible to and designed for low income and low wealth people and families. CDFIs help strengthen the US economy by expanding opportunities for homeownership, small business, and consumer credit., and federal grants to CDFIs are leveraged many times over by private capital. Due to the success of this work, the CDFI Fund has been sustained by broad, bipartisan support for 25 years.