Our CDFI certification and money received has allowed us the opportunity to be of service to the most underserved and marginalized in our community.
Our CDFI certification and money received has allowed us the opportunity to be of service to the most underserved and marginalized in our community.
We have seen thousands of businesses receive grants and loans through CDFIs that have gone on to become successful businesses, contributing significantly to their local economies. Most of these businesses would not have received this capital from other financial institutions, so without this CDFI funding these thousands of businesses would not have been started or would have run out of initial funding before hitting the critical mass necessary to be successful. It means thousands of businesses, employers and employees are now gainfully employed, contributing to the economy and paying taxes that otherwise would not have happened.
CDFIs have a demonstrated track record of success: they often leverage every federal dollar to attract up to 12 times that amount in private investment, reaching borrowers that traditional banks overlook. Whether it’s a veteran-owned business in Montana, a farm in the Central Valley, or a childcare provider in the South Bronx, CDFIs meet communities where they are, providing not only loans but financial education, technical assistance, and long-term support. This is not a partisan issue. Nearly every congressional district in America benefits from the work of CDFIs, with 92% of House districts having at least one CDFI. CDFIs are an engine of local resilience-supporting job creation, small business formation, and upward mobility.