As an emerging CDFI serving the state of MN with small dollar consumer lending, this funding is essential to us to help combat predatory lending that strips wealth from low-income communities and allows us to provide stabilizing capital to communities to stay housed, employed, and (re)build credit to reach their asset building goals (e.g. car and home ownership) for the future.
CDFIs are a key component of helping our communities thrive.
At Prestamos, we support CDFIs because they are a lifeline for underserved communities, providing access to capital and technical assistance where traditional financial institutions often fall short. CDFI funding enables us to offer flexible, culturally competent lending and support services that help small businesses grow, create jobs, and build generational wealth. Without CDFIs, too many communities would be left behind in our economic recovery and growth. We are proud to be part of the solution that bridges this equity gap.