The Stanford Institute for Economic Policy and Research found, in the midst of the COVID-19 crisis: “African-American businesses were hit especially hard experiencing a 41 percent drop. Latinx business owners fell by 32 percent, and Asian business owners dropped by 26 percent. Simulations indicate that industry compositions partly placed these groups at a higher risk […]
CDFIs Create Access to Food During Times of Distress
Access to affordable, healthy foods is a challenge in many low-income communities, from large urban neighborhoods, to suburban and rural areas, as well as in communities of color. CDFIs have been working to create access to healthy foods and address food insecurity for decades. With the coronavirus pandemic impacting many families’ and individuals’ resources, businesses […]
CDFIs and FQHCs Support Communities Most Affected by COVID-19
Blog post by CDFI Coalition Board Member Anne Dyjak The COVID-19 health crisis has impacted nearly every household and business in this country. The pandemic has particularly highlighted the health disparities prevalent in low-income communities, which have historically suffered from significantly higher rates of chronic disease and behavioral health issues. These same communities are now experiencing the […]
Our Souls are Rested
Blog post by CDFI Coalition Board Chair John Holdsclaw, IV Since I became the Board Chair of the Coalition of Community Development Financial Institutions (CDFI Coalition), I have intended to write a blog post, but as they say, “sometimes life gets in the way.” As I have watched the civil unrest and cries of social justice […]
Mission-Driven Support for Small Business in Maine
Blog post by CDFI Coalition member Keith Bisson Small businesses are the core of Maine’s economy. In 2019, businesses defined by the U.S. Small Business Administration (SBA) as “small” (with fewer than 500 employees) made up 99 percent of all Maine Business and employed over half of the State’s workforce. When the COVID-19 pandemic forced many small […]
CDFIs Helping Communities with Natural Disasters, the Pandemic, Sometimes Both
Blog post by CDFI Coalition member Marshall E. Crawford Less than a week before devastating tornadoes struck Tennessee, Ms. Natasha Lane had a conversation with her daughter about needing to renew her homeowner’s insurance. Then on March 3rd, 10 tornadoes touched down across the state, causing extensive damage to homes and businesses throughout the Nashville […]
Congress and COVID-19 Appropriations for CDFIs
Blog post author Bob Rapoza, CDFI Coalition Spokesperson We’ve all seen the devastating impact the coronavirus has had on the economy and small businesses nationwide, but particularly in low-income and minority communities. The average small business only has enough cash to survive 27 days and this is impacting employees and communities that depend on these […]
Kicking off the #CDFI Week of Action!
Join the CDFI Coalition and CDFI community this week from June 8-14, in our effort to increase resources for CDFIs in COVID-19 related federal legislation. The House-passed Health and Economic Recovery Omnibus Emergency Solutions, or HEROES Act (H.R. 6800), proposes $1 billion in funding for the CDFI Fund, which is expected to be taken up […]
37 Senators Call for $1B in CDFI Fund Appropriations
Today, 37 Senators from both parties called for $1 billion in CDFI Fund appropriations. The text of their letter is below along with the full list of Senators who signed the letter. Senators Reed (D-RI) and Collins (R-ME) took the lead on the letter. List of signers: Senator Feinstein (CA) Senator Harris (CA) Senator Carper […]
Multitude of Organizations Urge Congress to Support $1 Billion in Funding to Assist Communities That Need it Most
More Than 500 Mission-Driven Lenders Call on Congress to Support $1 Billion for the CDFI Fund