After coming from several years working in for-profit corporations into a CDFI, I’ve come to appreciate the real benefits CDFIs provide to communities at all levels. CDFIs provide consumer, commercial, mortgage loans, housing development, community facilities when needed, and more creative solutions.
The shift in business models among banks and credit unions—along with ongoing consolidation and the retreat from rural markets—has left a growing number of entrepreneurs without access to traditional financing. In response, MoFi and other CDFIs have become critical entry points for future bank customers.
CDFI funding helps us support homeowners, contractors and others in the housing market. It fills gaps in markets such as ours that other funding simply cannot.