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 are critical lender and investors in low-wealth communities and low-resourced communities in South Carolina. CDFIs are vital lenders for affordable housing, small businesses, and community facilities. We strongly support the protection of the CDFI Fund.
CDFIs support small businesses in ways that traditional financial partners are unable to. From flexible financing that supports growth, stabilize operations, and boosts local employment, to providing advice in all areas of business managements, to being there for the business owners as humans whenever needed. CDFIs are integral to the well-functioning of the financial system and of the economy as a whole.
CDFIs are a key component of helping our communities thrive.
We have seen thousands of businesses receive grants and loans through CDFIs that have gone on to become successful businesses, contributing significantly to their local economies. Most of these businesses would not have received this capital from other financial institutions, so without this CDFI funding these thousands of businesses would not have been started or would have run out of initial funding before hitting the critical mass necessary to be successful. It means thousands of businesses, employers and employees are now gainfully employed, contributing to the economy and paying taxes that otherwise would not have happened.