Today marks the 30th anniversary of the #CDFI Fund, established through the bipartisan Riegle Community Development Act in 1994. This Fund has been instrumental in providing over $7 billion to Community Development Financial Institutions (CDFIs), supporting small businesses, affordable housing, and community development projects nationwide. With more than 1,400 certified CDFIs, these mission-driven institutions have invested over $216 billion since 2015, creating or retaining 5.3 million American jobs. Strategically placed in underserved areas, CDFIs focus on fostering economic development and job creation in communities often overlooked by traditional financial institutions. Key facts about CDFIs: ✅ Mission-driven to support underserved communities and foster economic development. ✅ Certified by the U.S. Department of the Treasury, enabling access to resources for their mission. ✅ Diverse institutions including banks, credit unions, and venture capital funds, each catering to different financial needs. ✅ Catalyst for change, leveraging over $100 billion in private sector investments since 1994. ✅ Support small businesses, especially minority- and women-owned enterprises, through microloans. ✅ Impact-focused on social and environmental outcomes like affordable housing and job creation in underfunded communities. These facts highlight the significant role CDFIs play in promoting economic inclusion and driving positive change in communities nationwide. #EconomicInclusion #CommunityDevelopment #CDFIs Asset Strategy
Kent Fitzpatrick, AIFA®, GFS®, CBFA’s Post
More Relevant Posts
-
Sitting from a fundraising seat at a Community Development Financial Institution (CDFI), I am inspired by our industry’s knack for resilience, but equally curious (read: concerned) about how the current economic climate may impact our ability to support our communities' most pressing economic needs. Rising interest rates pressure our ability to lend affordably. Tightening risk measures from traditional lenders limits our capital supply. Inflation? Economic instability? Operational costs? Uncertain grant funding? Risk of over-leveraging? The pressure is mounting. But here's the thing about CDFIs - we pivot under pressure. We innovate. Collaborate. We leverage dollars for financial impact to far exceed any initial investment. So, here's my call to action: INVEST in your local CDFIs. We'll find ways to drive your dollars into community to support small business owners, affordable housing developers, health care centers, commercial real estate, clean climate, and schools ALL. OVER. THE. UNITED. STATES. You can find a CDFI of interest to you here: https://lnkd.in/gVgw2q4M #communitydevelopmentfinance #CDFI #fundraising #invest
To view or add a comment, sign in
-
Who knows what a CDFI is and what they do? Admittedly, I had no clue until 2020. A CDFI or Community Development Financial Institutions provide access to financial products and services for local residents and businesses. Specifically focused on low-income communities and individuals that typically have minimal to no access to affordable credit, investment capital, or financial services. CDFIs are made up of over a thousand private and public sector investors that support their communities. CDFIs come in 4 types: 1) Community development loan fund; 2) Community development venture capital funds; 3) CD banks; 4) CD credit unions. These institutions invest a combination of federal and private sector capital in economically disadvantaged communities. While mainstream financial institutions see risk in these areas, a CDFI sees an opportunity and a chance to rid businesses of predatory credit. The access to fair and reasonable credit is not the only advantage. Business owners benefit from a closer lending relationship that results in lower charge offs in CDFIs. The CDFIs also engage with the communities to strengthen credit, educate, and drive business growth. Where do CDFIs exist? Excellent question ... I recently received a link to the CDFI Market Map. You can view where CDFIs exist and more importantly, "CDFI Deserts" where the needs are not being met. Check it out to see how your area looks, maybe how you could help support the CDFI mission, or point a business in their direction. #capitisadvisors #fractionalCFO #CFO #smallbusinesses #finance #budgetyourbusinesspodcast
To view or add a comment, sign in
-
For CDFI credit unions that had concerns whether their 2023 loans might not meet the new certification standards, the extension from the Community Development Financial Institutions Fund (CDFI Fund) is great news! Now there’s time to make adjustments as needed. So where do you start? Learn more during our July 10 webinar for currently certified CDFI credit unions: https://loom.ly/qKXwPRc #creditunions #CDFIs
Welcome! You are invited to join a webinar: The CDFI recertification deadline extension – make the most of it!. After registering, you will receive a confirmation email about joining the webinar.
us02web.zoom.us
To view or add a comment, sign in
-
You must gain control over your money or the lack of, will control you. #GodsTreasuryCooperative #CooperativeJourney #FinancialEmpowerment #CommunitySuccess #GodsTreasuryFamily #FinancialFreedom #CoopValues #gtcs
To view or add a comment, sign in
-
You must gain control over your money or the lack of, will control you. #GodsTreasuryCooperative #CooperativeJourney #FinancialEmpowerment #CommunitySuccess #GodsTreasuryFamily #FinancialFreedom #CoopValues #gtcs
To view or add a comment, sign in
-
🏛️ Big news from the CDFI Fund for 2025! The CDFI Fund recently announced key changes to its certification and grant programs for 2025, laying the groundwork for a more streamlined, impactful approach to advancing economic equity. Our latest blog breaks down everything credit unions need to know, including: ✔️ Updates to the CDFI certification process ✔️ Grant opportunities for 2025 and beyond ✔️ How credit unions can prepare to align with these changes Whether you're working toward certification or planning your next round of funding applications, now is the time to act. 🔗 Read the full blog here: https://lnkd.in/gFqzYjc4 What are your thoughts on the CDFI Fund's new direction? #CDFI #CreditUnions #CommunityDevelopment
What Credit Unions Need to Know About the CDFI Fund’s New Strategic Direction for 2025 and Beyond
cucollaborate.com
To view or add a comment, sign in
-
It is not how much you earn but what you do with your money that determines the end. #GodsTreasuryCooperative #CooperativeJourney #FinancialEmpowerment #CommunitySuccess #GodsTreasuryFamily #FinancialFreedom #CoopValues #gtcs
To view or add a comment, sign in
-
Track your expense diligently to gain awareness on where your money is going. #GodsTreasuryCooperative #CooperativeJourney #FinancialEmpowerment #CommunitySuccess #GodsTreasuryFamily #FinancialFreedom #CoopValues #gtcs
To view or add a comment, sign in
-
Many intricate details are involved in running a CDFI credit union. One of the more common ones credit unions can run into - and is often misunderstood - is the definition of a 'material event' and what you must do when one occurs to ensure compliance with the Community Development Financial Institutions Fund (CDFI Fund). Read about it from our expert, Christine Duncan! https://loom.ly/xBocgws #creditunions #CDFIs #materialevent
Material Events: What They Mean for CDFI Credit Unions
custrategicplanning.com
To view or add a comment, sign in
-
Very big news today from the Community Development Financial Institutions Fund (CDFI Fund) – the deadline for re-certification for existing CDFIs has been extended. The new deadlines are based on the applicant’s fiscal year-end, which for most credit unions means the new deadline will be September 30, 2025. And after submission, CDFIs will retain their certified status until notified otherwise, remaining eligible for CDFI Fund award programs. This will be a big help to CDFIs, because this extension gives credit unions time to make strategic lending changes to align with the updated Target Market requirements. That means NOW is the time to be increasing your Target Market lending – and we’re here to help! https://lnkd.in/eg-cF4vS #CDFI #creditunions
CDFI Fund Extends Submission Deadlines for Revised CDFI Certification Application
cdfifund.gov
To view or add a comment, sign in