As a founding board member (1982) and original board member of this community development credit union, I urge you to continue funding CDFIs that have a vital role in our community with its current housing crisis.
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 a founding board member (1982) and original board member of this community development credit union, I urge you to continue funding CDFIs that have a vital role in our community with its current housing crisis.
CDFIs provide critical support to low- to moderate-income communities in the form of loans and technical assistance. This support provides individuals and businesses unable to access traditional financing the opportunity to build their financial acumen, responsibly manage debt while building credit scores and wealth, and eventually graduate to accessing traditional banking products. In the meantime, these individuals are able to start or expand businesses, become homeowners, purchase vehicles, and access capital to cover emergency situations. CDFIs played a critical role with this activity during the pandemic and are part of the essential fabric when it comes to uplifting local economies and providing individuals with a path to the American dream of homeownership and prosperity in a way that promotes self-sufficiency and self-reliance.
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.
We support CDFI lending.