CDFIs are essential in supporting small businesses that are the backbone of the United States’ economy.
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 essential in supporting small businesses that are the backbone of the United States’ economy.
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.
We have been able to utilize NMTC and without this financing many of the projects we have done in Minneapolis would not have been possible. It’s been a wonderful facility to support small businesses, economic development, and critical services to low-income communities. Please continue these programs, they do make a difference.
Since its inception in 1994, PeopleFund – a CDFI and SBA Lender – has deployed more than $1.2 Billion in financial assistance in areas that needed jobs and revitalization in Texas. Almost 60% of this growth took place in the last 5 years. We are also the managing member of the Veteran Loan Fund, a collaborative effort of a growing number of CDFIs across the country supporting Veterans and Veteran spouses start and grow their businesses.