CDFIs provide opportunity for those who would otherwise not have access.
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 provide opportunity for those who would otherwise not have access.
CDFIs are not just banks. They are lifelines. Without them, thousands of small businesses-many in overlooked neighborhoods (urban and rural) – would never get access to capital, training, and the support they need to survive, let alone thrive.
I represent Northwest Access Fund, a CDFI serving Washington, Oregon, and Idaho. NWAF offers people with disabilities customized loans, financial coaching, and other resources to promote access to assistive technology, independence, financial resilience, and life opportunities. We are helping people with disabilities and seniors who lack the ability to secure financing to afford crucial assistive technologies and modifications – hearing aids, dentures, wheelchairs, adaptive vehicles, and home modifications. We could not to this vital work without the investment from the CDFI Fund.
CDFIs are essential to ensuring all communities and residents have access to safe, affordable credit when traditional financial institutions are not able to do so. These market-based institutions know their communities needs best and leverage private sector investment. Building bridges between the public and private sectors is what CDFIs do well and we need to preserve the expertise of these organizations by ensuring a robust funding of $324 million for the CDFI Fund.