[The CDFI Fund is an] incredibly important economic development agent that helps all small businesses across the country to grow, create jobs, become bankable and strengthen our economy.
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.
[The CDFI Fund is an] incredibly important economic development agent that helps all small businesses across the country to grow, create jobs, become bankable and strengthen our economy.
CDFIs are an important part of the economic system and help deploy money to underserved communities, bringing needed resources such as affordable housing, health care, quality education, etc.
The shift in business models among banks and credit unions—along with ongoing consolidation and the retreat from rural markets—has left a growing number of entrepreneurs without access to traditional financing. In response, MoFi and other CDFIs have become critical entry points for future bank customers.
CDFIs provide responsible and affordable loans to individuals, businesses, and organizations that are unable to obtain financing from conventional banks – not because they aren’t worthy of a loan, but because their risk profile doesn’t fit the more rigid criteria used by conventional banks. This is an essential service for making sure loan capital reaches deserving borrowers with unconventional loan applications. And because CDFIs disburse loans instead of grants, they offer a sustainable solution to financing and teach borrowers how to manage budgets and pay back their loans.