CDFIs are not just banks. They are lifelines. Without them, thousands of small businesses-many in overlooked neighborhoods (urban and rural) – would never get access to capital, training, and the support they need to survive, let alone thrive.
CDFIs are not just banks. They are lifelines. Without them, thousands of small businesses-many in overlooked neighborhoods (urban and rural) – would never get access to capital, training, and the support they need to survive, let alone thrive.
We have seen thousands of businesses receive grants and loans through CDFIs that have gone on to become successful businesses, contributing significantly to their local economies. Most of these businesses would not have received this capital from other financial institutions, so without this CDFI funding these thousands of businesses would not have been started or would have run out of initial funding before hitting the critical mass necessary to be successful. It means thousands of businesses, employers and employees are now gainfully employed, contributing to the economy and paying taxes that otherwise would not have happened.
As an emerging CDFI offering funding and technical assistance to uplift underserved communities and our economy the CDFI appropriation is imperative.