April 24, 2020 Stories and Data

April 24, 2020 Stories

Preserving affordable housing in the Park Avenue neighborhood
OFN Story: CDFI Nourishes Hawaii’s Future with Funding for Healthy Food and Agriculture
OFN Story: Recovery Center Transforms Local Community, Economy, and Lives
OFN Story: Puerto Rican School, Backed By CDFI Support, Changes Lives Through Hands-On Education

April 24, 2020 Fact Sheet

Testimonials

As a Community Development Financial Institution Homewise has utilized resources available through the CDFI Fund to help New Mexicans achieve their dream of homeownership. With dollars from the CDFI Fund Homewise has provided approximately $10.5 million in amortizing loans and another $6.9 million in down payment assistance to 656 households. Of these households, 60% were under 80% AMI.

-Lisa Huval, Homewise, Inc., Santa Fe, NM

CDFIs are very good stewards of federal dollars, both in terms of leveraging other resources and by making loans and investments with great repayment history.

-Suzanne Anarde-Devenport, Rural Community Assistance Corporation (RCAC), West Sacramento, CA

Small businesses are the backbone of Main Streets across America, creating jobs, driving economic growth, and keeping communities strong. Yet, many small business owners-especially in rural areas and underserved markets- struggle to access the financing they need to start and grow. Traditional banks often overlook smaller-dollar loans, but CDFIs step in to fill that gap, providing the sub-$100K loans that small businesses rely on for working capital, equipment, and expansion. At LoanWell, we work with CDFIs to help them originate and deploy more small business loans efficiently, ensuring that capital reaches the local entrepreneurs who keep storefronts open, job opportunities growing, and communities thriving. More than 90% of CDFI small business loans are under $100K, making them one of the few reliable sources of funding for businesses that are too small for traditional banks but too big to rely on personal savings alone. The CDFI Fund is critical to making this lending possible, ensuring that CDFIs have the resources to meet the demand for responsible, small-dollar financing.

-Justin Straight, LoanWell, Inc., Durham, NC

Map of April 24, 2020 CDFI Branches and Stories