As an emerging CDFI serving the state of MN with small dollar consumer lending, this funding is essential to us to help combat predatory lending that strips wealth from low-income communities and allows us to provide stabilizing capital to communities to stay housed, employed, and (re)build credit to reach their asset building goals (e.g. car and home ownership) for the future.
Native CDFIs are crucial to provide the financing, investment and literacy services to improve economic and social conditions in Native communities where inadequate or non-existent mainstream financial services are commonplace. We are seeing the positive impacts of Native CDFIs across Alaska and Indian country through increased homeownership, profitable Native-owned small businesses and community improvement projects. Supporting Native CDFIs will build stronger, more resilient communities and better the economy for the nation.
CDFIs are a key component of helping our communities thrive.