Main Street Launch’s Intern – Impact Evaluation & Marketing Linda Ho offers information about how to locate your local CDFIs.
In our previous post: What are CDFIs?, we talked about what CDFIs do to help strengthen communities’ economy. In this pody, we are going to discuss the importance of CDFIs to our communities and how to get the support from your local CDFIs.
The Community Development Financial Institutions Fund (CDFI Fund) plays an important role in generating economic growth and opportunity in communities that need it most across the country. It provides access to financial services for local residents and businesses through funding CDFIs, and these organizations share a common goal of expanding economic opportunity in low income communities.
What you need to know about CDFIs
- CDFIs are certified by the US Treasury Department.
- They are financial institutions that cater to underserved and often low-income communities.
- They are very focused on community, targeting their funding on small businesses, micro-enterprises, nonprofit organizations, commercial real estate, and affordable housing within a particular geographic region.
- CDFIs that focus on small businesses provide loan funds that make low interest loans to small business owners and micro-entrepreneurs that might not qualify for a bank loan.
- They provide small business owners services like mentoring support and training.
- Click here for more information about CDFIs.
Where you can find your local CDFIs
You can find CDFIs through the Opportunity Finance Network, SCORE, or SBA Small Business Development Centers. Click on this link for the CDFI Locator provided by Opportunity Finance Network to find the CDFIs that support your local community.
Share your story with us on Facebook about how CDFIs have helped you.