CDFIs have assisted lower income people as they begin to work towards achieving the American Dream
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.
CDFIs have assisted lower income people as they begin to work towards achieving the American Dream
I run a consulting firm that supports CDFIs in their critical work to ensure access to credit and enhanced economic opportunity and job creation. The unique public-private partnership model of CDFIs warrants bipartisan support.
CDFIs provide responsible and affordable loans to individuals, businesses, and organizations that are unable to obtain financing from conventional banks – not because they aren’t worthy of a loan, but because their risk profile doesn’t fit the more rigid criteria used by conventional banks. This is an essential service for making sure loan capital reaches deserving borrowers with unconventional loan applications. And because CDFIs disburse loans instead of grants, they offer a sustainable solution to financing and teach borrowers how to manage budgets and pay back their loans.
CDFIs work results in invaluable benefits to communities, including jobs, housing, tax revenue, and vitality.