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.
It has been proven over the decades that the CDFI industry has been mega critical to the flow of capital in this country, specifically in disinvested communities. By appropriating at least $354M for the CDFI Fund, this directly supports the deployment and capacity building of not only CDFIs but the millions of small businesses that hire and create jobs, erect infrastructure, rebuild neighborhood corridors, and partner across industries for improved quality of life. If we are serious about reducing the wealth gap for increased positive impacts, supporting CDFIs is extremely important.
CDFIs provide much-needed assistance to individuals and businesses in the state of South Dakota.