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.
I’m a contract CFO for multiple smaller CDFIs around the US who are supporting those in our communities that are starting small businesses, trying to get financing to buy a vehicle to get to a job or earn a living in the gig economy, and small developers bringing affordable housing onto the market. No one else is making this financing available. I work to see thriving communities here in the US that make our local economies vibrant and healthy. The CDFI Fund makes that possible.
CDFIs are essential to ensuring all communities and residents have access to safe, affordable credit when traditional financial institutions are not able to do so. These market-based institutions know their communities needs best and leverage private sector investment. Building bridges between the public and private sectors is what CDFIs do well and we need to preserve the expertise of these organizations by ensuring a robust funding of $324 million for the CDFI Fund.
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.
This is greater than just the CDFI Fund. There are countless of small businesses that cannot get financial support in a traditional lending institution.