CDFIs have been critical to successfully completing community and economic development projects in distressed and under-resourced communities like Youngstown and Warren, Ohio.
CDFIs have been critical to successfully completing community and economic development projects in distressed and under-resourced communities like Youngstown and Warren, Ohio.
The nonprofit community depends upon the work of CDFIs to help with investing in communities that are most in need. Whether that be affordable housing, community facilities, community health centers, and economic development, CDFIs can provide the capital that otherwise would not support such critical projects. Particularly important are the investments that CDFIs contribute to rural communities, and other under-invested areas, such as Appalachia. For decades, CDFIs in some of the most economically distressed regions of the country have been addressing the employment and housing, banking and infrastructure needs of local people and places. From the development of entrepreneurs who create jobs to the expansion of safe affordable housing; from increased access to financial services to more readily accessible drinking water and public infrastructure; CDFIs leverage the power of finance to import capital into communities and regions that otherwise suffer from disinvestment. Through these actions, CDFIs strengthen local economies, generate wealth that sticks, and foster agency and power among local people to determine their own destiny.
CDFIs are an important part of our finance ecosystem. In 2024 alone, the Western Reserve Community Fund (WRCF) distributed over $5M in funding to over 100 small businesses/non-profits in Summit County. CDFI’s, like WRCF, make such a difference in our community.