CDFIs help reduce poverty in our community.
CDFIs help reduce poverty in our community.
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.
CDFIs have had strong bipartisan support at the federal level and I urge Congress to continue to support this important economic driver.