What Is Community Development Financial Institutions Fund
Community Development Financial Institutions (CDFIs) are banks, credit unions, and other local financial institutions that support small businesses and provide financial needs to distressed urban and rural communities that mainstream banks do not serve.
The Community Development Financial Institutions Fund (CDFI Fund) plays an important role in generating economic growth and opportunity in some of our nation's most distressed communities. By offering tailored resources and innovative programs that invest federal dollars alongside private sector capital, the CDFI Fund serves mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities. The CDFI Fund programs inject new sources of capital into neighborhoods that lack access to financing.
CDFIs are critical to helping minorities in under-served communities to start up businesses. Each business financed, each job created, and each home built represents a critical step in the transformation of a life, a family, and a community. The loans CDFIs deliver support efforts such as opening local businesses, among other efforts— all of which support the broader community.
You can learn about CDFIs by visiting https://www.cdfifund.gov/
We will write about CDFIs in detail soon... Stay tuned.