As an emerging CDFI serving the state of MN with small dollar consumer lending, this funding is essential to us to help combat predatory lending that strips wealth from low-income communities and allows us to provide stabilizing capital to communities to stay housed, employed, and (re)build credit to reach their asset building goals (e.g. car and home ownership) for the future.
I appreciate the aspect of the program that puts decision-making in the hands of non-governmental institutions. I think this facilitates efficient use of tax-payer dollars.
CDFI funds are frequently the only source of funding and lending available to small, scaled community-oriented development in Minneapolis. Without access to those opportunities companies like mine would not be able to accomplish our development goals and create mid-scale projects related to the arts and market rate affordable housing.