CDFIs assist businesses and individuals that often cannot access bank capital. Especially in rural SD access to capital is difficult and the # of small banks have been reduced.
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 assist businesses and individuals that often cannot access bank capital. Especially in rural SD access to capital is difficult and the # of small banks have been reduced.
CDFI funds play a crucial role in supporting small businesses and individuals aspiring to become homeowners throughout South Dakota. These funds provide much-needed financial resources to communities, offering opportunities for growth and stability where traditional financial institutions may not reach. By supporting small businesses, CDFI funds foster economic development and job creation, helping to strengthen local economies. Additionally, they enable homebuyers to achieve their dreams of homeownership, promoting long-term community stability and wealth-building. Without the critical assistance from CDFI funds, many entrepreneurs and potential homeowners in South Dakota would face significant barriers to success.
CDFIs are needed throughout the country to help people make their dreams come true by becoming a homeowner.
We are a nonprofit Chamber of Commerce that does microlending for small businesses. We work with a CDFI bank and are trying to get CDFI certification.