CDFIs are a key component of helping our communities thrive.
Thank you to our partners at Inclusive and CDBA for sharing data on CDFI Bank and CDFI Credit Union branch locations. In addition, about 100 of our CDFI Stories come from OFN’s story database.
CDFIs are a key component of helping our communities thrive.
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 benefit communities like Syracuse, which have experienced economic decline due to the withdrawal of large employers (like Carrier, GE, etc.) but are also seeing revitalization.
CDFIs fill crucial gaps in the housing and community development ecosystem, supporting the creation and preservation of affordable housing and vital community facilities that help low-income individuals, families and communities thrive and live with dignity.