I’m a contract CFO for multiple smaller CDFIs around the US who are supporting those in our communities that are starting small businesses, trying to get financing to buy a vehicle to get to a job or earn a living in the gig economy, and small developers bringing affordable housing onto the market. No one else is making this financing available. I work to see thriving communities here in the US that make our local economies vibrant and healthy. The CDFI Fund makes that possible.
CDFIs provide critical support to low- to moderate-income communities in the form of loans and technical assistance. This support provides individuals and businesses unable to access traditional financing the opportunity to build their financial acumen, responsibly manage debt while building credit scores and wealth, and eventually graduate to accessing traditional banking products. In the meantime, these individuals are able to start or expand businesses, become homeowners, purchase vehicles, and access capital to cover emergency situations. CDFIs played a critical role with this activity during the pandemic and are part of the essential fabric when it comes to uplifting local economies and providing individuals with a path to the American dream of homeownership and prosperity in a way that promotes self-sufficiency and self-reliance.
The programs of the CDFI Fund play a vital role in expanding our capacity to create economic opportunities for members in CA-18 and CA-19. Support from the CDFI Fund through awards and investments has enabled us to expand our micro lending platform and affordable housing opportunities with support from FA, RRP, and ERP awards.