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.
This funding is crucial to meeting the needs of those who are hard-working, dedicated members of our communities across Pennsylvania, who often lack resources from other financial institutions to meet their needs to maintain employment, housing, and enjoyment in our communities. Without this funding, more people will be in need of additional subsidies to maintain living and thriving in our communities. Eliminating this funding will be far more expensive than continuing it.
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.
The impact that CDFI credit unions can make in lower income areas by providing financial tools for the community raises the financial independence of individuals in that area and then lessens the amount of ongoing aid that needs to be provided by the government directly to those communities.
CDFIs provide an important unique opportunity support communities by creating opportunities for underbanked companies and individuals to pull themselves up by their bootstrap by creating new businesses, housing and strengthening financial composites