In Syracuse’s depressed economy, CDFIs have been a lifeline for aiding some of the most financially challenged residents and businesses. My credit union has leveraged CDFI funds to lift many households out of poverty, and we need this to continue.
In Syracuse’s depressed economy, CDFIs have been a lifeline for aiding some of the most financially challenged residents and businesses. My credit union has leveraged CDFI funds to lift many households out of poverty, and we need this to continue.
CDFIs provide access to critical financial services and education in a way that’s accessible to and designed for low income and low wealth people and families. CDFIs help strengthen the US economy by expanding opportunities for homeownership, small business, and consumer credit., and federal grants to CDFIs are leveraged many times over by private capital. Due to the success of this work, the CDFI Fund has been sustained by broad, bipartisan support for 25 years.
As a certified CDFI and SBA lender, our organization directly serves the communities and businesses this administration is working to support. We provide capital to small manufacturers, job-creating entrepreneurs, and individuals acquiring businesses from retiring owners-the so-called “silver tsunami.” Our work helps keep vital businesses operating and people employed. CDFIs are a proven and effective mechanism for delivering capital where it is needed most. With continued federal support, we stand ready to expand our impact and remain on the front lines of economic development in underserved communities across the country.