In Syracuse’s depressed economy, CDFIs have been a lifeline for aiding some of the most financially challenged residents and businesses. My credit union has leveraged CDFI funds to lift many households out of poverty, and we need this to continue.
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.
In Syracuse’s depressed economy, CDFIs have been a lifeline for aiding some of the most financially challenged residents and businesses. My credit union has leveraged CDFI funds to lift many households out of poverty, and we need this to continue.
CDFIs provide access to critical financial services and education in a way that’s accessible to and designed for low income and low wealth people and families. CDFIs help strengthen the US economy by expanding opportunities for homeownership, small business, and consumer credit., and federal grants to CDFIs are leveraged many times over by private capital. Due to the success of this work, the CDFI Fund has been sustained by broad, bipartisan support for 25 years.
CDFIs are absolutely critical to provide funds for residential and business loans which grow our economy.
I’ve been a member of a CDFI for 25 yrs and would never go back to a traditional bank, due to the good works that I’ve seen done by CDFI’s. I was also a board member for a few years at one, so I know the inner workings and understand the community missions they take on. My children and I have had a stable home for the past 18 years, partly due to the credit building assistance we received from a CDFI.