CDFIs are a critical link for many low-income communities and individuals for financing that is not available from conventional sources.
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 critical link for many low-income communities and individuals for financing that is not available from conventional sources.
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.
Our CDFI has made it possible for me and many others in our community to buy a house, make a budget, and function as responsible community members through educational and financial services.
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.