As an emerging CDFI offering funding and technical assistance to uplift underserved communities and our economy the CDFI appropriation is imperative.
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.
As an emerging CDFI offering funding and technical assistance to uplift underserved communities and our economy the CDFI appropriation is imperative.
I support Community Development Financial Institutions (CDFIs) because their mission aligns with promoting economic opportunity and strengthening underserved communities. The CDFI Fund, part of the U.S. Department of the Treasury, aims to expand economic opportunity by supporting CDFIs, which are entities dedicated to providing financial products and services to populations and areas that traditionally lack sufficient access to these resources. This includes financing homes, supporting small businesses, and investing in local community facilities. CDFIs play a significant role in fostering community development by offering responsible and transparent financial products and services. They ensure that these offerings are affordable, safe, and align with their mission to improve the social and economic conditions of their Target Markets. Additionally, their efforts in promoting transparency, fair practices, and compliance with laws further demonstrate their commitment to community upliftment. The support provided to CDFIs is crucial because they specialize in addressing gaps in access to capital and financial services, thereby promoting economic, housing, and social opportunities in underserved areas. This support helps create a robust network of community development lenders and financial service providers who can sustainably impact low-income communities.
CDFIs are needed throughout the country to help people make their dreams come true by becoming a homeowner.
I strongly urge Congress to support the funding for the Department of the Treasury’s CDFI Fund….As a governing board member of Central States Development Partners, Inc., a national, certified Community Development Entity (CDE), I can personally attest to the measurable and lasting impact the CDFI Fund programs have on Main Street America. In my work with both Economic Growth Corporation and Central States Development Partners, I have witnessed firsthand how targeted federal investment through the CDFI Fund acts as a catalyst for private-sector growth in communities that need it most. These dollars support job-creating projects, from manufacturing, healthcare, and community facilities that increase access to vital community services needed within severely and deeply distressed communities.