As we commemorate 30 years of the Community Development Financial Institutions Fund (CDFI Fund), we reflect on the incredible impact it has had on underserved communities across the nation. In our office hangs a signed copy of the Riegle Act—the historic legislation that established the CDFI Fund, authorized in 1994. This copy was gifted to our CEO, Jeannine Jacokes, by Sen. Don Riegle, who was serving as Chairman of the Senate Banking Committee at the time, in recognition of her role as lead Senate staff on the CDFI Fund’s authorizing statute. It stands as a powerful reminder of the vision and leadership that brought the CDFI Fund into existence and the transformative work it has enabled. Since its creation, the CDFI Fund has awarded more than $3.8 billion in grants, loans, and equity investments, helping create jobs, build affordable housing, and promote economic growth. Through this partnership, CDBA and its member banks, which began in 2002, have leveraged these resources to extend critical financial services to communities historically excluded from the financial system. The Fund’s support has enabled mission-driven banks to direct billions of dollars back into disenfranchised communities, creating real and lasting change. As we look to the future, CDBA remains committed to expanding access to capital and empowering underserved communities, ensuring that the next 30 years of the CDFI Fund are as impactful as the first. #CDFIFund #CommunityDevelopment #FinancialInclusion #EconomicOpportunity #Leadership
Community Development Bankers Association’s Post
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Today marks the 30th anniversary of the Community Development Financial Institutions Fund (CDFI Fund), a significant milestone in the effort to promote economic inclusion for underserved communities. In our office hangs a signed copy of the Riegle Act—the legislation that authorized the CDFI Fund in 1994. This copy was given to our CEO, Jeannine Jacokes, by Sen. Don Riegle, Chairman of the Senate Banking Committee at the time, in recognition of her leadership as the lead Senate staffer on the CDFI Fund’s authorizing statute. It represents both the legacy of the Fund and the ongoing need for inclusive financial services. The CDFI Fund has played a critical role in revitalizing low-income communities, deploying billions of dollars to create jobs, finance affordable housing, and support small businesses. Partners for the Common Good, founded in 2002, has worked closely with the CDFI Fund to leverage these resources, funding over $201 million in loans to help finance community facilities, affordable housing, and local businesses. Looking ahead, we remain steadfast in our commitment to fostering inclusive growth and ensuring that all communities, regardless of geography or economic standing, have access to the capital they need to thrive. #CDFIFund #EconomicInclusion #CommunityDevelopment #FinancialEquity #Partnership #Impact
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President & CEO, Opportunity Finance Network (OFN) | Aspen Finance Fellow - AGLN | Presidential Appointee
Yesterday, September 23, 2024, we recognized not only a special day but an important milestone for America. We celebrated the 30th anniversary of the creation of the Community Development Financial Institutions Fund (CDFI Fund). On September 23, 1994, President Clinton signed into law H.R. 3474, the Riegle Community Development Act, the bipartisan legislation that created the Fund. The CDFI Fund has been foundational to community development finance; since its inception, the Fund has awarded more than $7 billion to CDFIs and $76 billion tax credits to capitalize community development projects and community investment. Today, there are more than 1,400 certified CDFIs. Since 2015, CDFIs have invested at least $216 billion in communities across the country, helping to create or retain 5.3 million American jobs. As we celebrate 30 years of the CDFI Fund’s impactful investment, it’s also my honor to share my election as Chair of the Community Development Advisory Board, a 15-person federal advisory committee to the CDFI Fund. I thank my fellow Advisory Board members for their support and look forward to collaborating with them to provide key insights to the CDFI Fund for the continued success of CDFIs, the industry, and more importantly, the communities we serve. Read the announcement here: https://lnkd.in/geR4Sqzu U.S. Secretary of the Treasury Janet Yellen joined the Community Development Advisory Board meeting last week and spoke of the deep impact of, and need for, the CDFI Fund and community development finance. Read her remarks here: https://lnkd.in/gHjf__eF The future of the industry could not be more bright, and I could not be more excited for the future of the CDFI Fund under the leadership of Pravina Raghavan in charting the next 30 years. The creation of the CDFI Fund is a key moment for America and the history of our industry, a history that has made us for this moment and the road ahead. We appreciate the critical partnership of the CDFI Fund in advancing opportunity in communities that need it most. Opportunity Finance Network #OFN40 #CDFIFund #CDFI #CDFIs #ImpInv #ImpactInvesting
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In our commitment to drive change, we've officially appealed to Congress for enhanced support of the Community Development Financial Institutions Fund (CDFI Fund) for FY 2025, requesting $341 million, with $40 million dedicated to the Bank Enterprise Award (BEA) Program. https://shorturl.at/nvCL0 Why This Matters to Us: ➡️Direct Impact on Our Work: This increase in funding is not just about numbers; it's about amplifying our ability to help underserved communities, support small businesses, and make homeownership dreams a reality. ➡️Leveraging Private Capital: With every dollar from the CDFI Fund, we're equipped to unlock up to 12 times that in private investments, magnifying our impact and reach. ➡️Act Now: Engage with your representatives, share our story, and let's make history together. The CDBA's membership, comprising community development banks committed to making a difference in underserved areas, stands united in this request. Our member banks collectively urge Congress to recognize the importance of the CDFI Fund and BEA Program by providing robust funding levels that will enable continued support and growth of economic vitality in America's neglected urban and rural communities. #CDBA #CDFIFund #EconomicEmpowerment #CommunityDevelopment #BankingForGood
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Founder & CEO of Certified Business Capital Finance. We specialize in securing Funding for All Small Business Loans Including Real Estate Investors. Fast application process with funding in 24 hours Contact For details
Ever heard of "Community Development Financial Institutions" CDFIs? Community Development Financial Institutions (CDFIs) are specialized financial institutions that provide credit, capital, and financial services to underserved communities and individuals who may not have access to traditional banking services. Their mission is to promote economic development, reduce poverty, and revitalize low-income or economically distressed areas. CDFIs can be banks, credit unions, loan funds, or venture capital funds, and they typically focus on providing financing to small businesses, affordable housing projects, nonprofit organizations, and community facilities. Key features of CDFIs include: Serving Underserved Markets: CDFIs focus on lending to populations and communities that are typically overlooked or considered too risky by mainstream financial institutions, such as low-income individuals or businesses with poor credit histories. Flexible Loan Terms: CDFIs often offer more flexible loan terms and lower interest rates compared to traditional banks, making it easier for small business owners to access capital. Community Impact: These institutions prioritize community development, focusing on creating jobs, affordable housing, and fostering local economic growth. Technical Assistance: Many CDFIs also provide technical assistance to borrowers, such as business planning, financial literacy training, and guidance on managing debt or building credit. Funding Sources: CDFIs receive funding from a variety of sources, including government grants (such as through the U.S. Department of the Treasury’s CDFI Fund), private investors, and community organizations. For small businesses struggling to secure loans due to low credit or limited resources, CDFIs offer an alternative financing option that prioritizes social and economic impact over profitability. Click on the link below: CDFI Fund Website: https://www.cdfifund.gov #CDFILoans #SmallBusinessFunding #AlternativeLending #BusinessGrowth #CommunityFinance
What does the CDFI Fund Do?
cdfifund.gov
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The Department of Treasury's #CDFI Fund has awarded LIIF $4.5 million for the development of affordable housing and community facilities serving low-income individuals, families and communities as part of its $321.2 million in awards through the FY 2023 round of the Capital Magnet Fund (CMF). The $321.2 million was given to 52 awardees who were selected among 144 organizations. These funds will expand and preserve affordable housing for thousands of low-income families and individuals. Awardees are required to leverage the award with other private and public investment by at least 10 to 1, guaranteeing that a minimum of $3.21 billion will be invested in affordable housing projects. Such funding awards showcase LIIF continuing to be a trusted CDFI nimbly deploying capital into historically excluded communities. View the CMF Award Book here: https://lnkd.in/etMSQNnp. #CDFIs #affordablehousing #CMF
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Founder CULytics - Effectively use data to drive real outcomes, Teaching Faculty at Southwest CUNA Management School
Good overview of CDFIs and their impact on the community.
At float, we love #CDFIs! And if you're wondering what they are, we've written a little blog post to share. Shoot Anthony Rangel or myself a DM if you would like to talk anything CDFIs and look out for our next blog post on how your institution can become one too! Blog: https://lnkd.in/gfx4FEms #fintech #federalgrant #treasury #creditunions #communitybank #community #financialhealth #grant #loanfund #ILoveMyCreditUnionDay
Understanding CDFIs: Their Role, Benefits, and Impact on Communities | float
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Interested in learning more about becoming a #CDFI? Check out our latest blog that offers an overview of the CDFI program, its benefits to a financial institution, and the certification process.
At float, we love #CDFIs! And if you're wondering what they are, we've written a little blog post to share. Shoot Anthony Rangel or myself a DM if you would like to talk anything CDFIs and look out for our next blog post on how your institution can become one too! Blog: https://lnkd.in/gfx4FEms #fintech #federalgrant #treasury #creditunions #communitybank #community #financialhealth #grant #loanfund #ILoveMyCreditUnionDay
Understanding CDFIs: Their Role, Benefits, and Impact on Communities | float
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Want to learn more about becoming a #CDFI? Explore our latest blog for an overview of the CDFI program, its benefits to financial institutions, and the certification process. And don't be afraid to shoot us a message ([email protected]) if you want to talk more!
At float, we love #CDFIs! And if you're wondering what they are, we've written a little blog post to share. Shoot Anthony Rangel or myself a DM if you would like to talk anything CDFIs and look out for our next blog post on how your institution can become one too! Blog: https://lnkd.in/gfx4FEms #fintech #federalgrant #treasury #creditunions #communitybank #community #financialhealth #grant #loanfund #ILoveMyCreditUnionDay
Understanding CDFIs: Their Role, Benefits, and Impact on Communities | float
withfloat.io
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During a recent conversation with our friends at the New York Bankers Association, we broached the topic of Community Development Financial Institutions (CDFIs) — specifically discussing the surge in the number of CDFIs, of late, and the intersection with community banking. This conversation sparked me to dive deeper into the history underpinning the Community Development Financial Institutions Fund (CDFI Fund), the qualifications to become a CDFI, and the opportunity at hand for community banks. 💭 Did you know that just 27% of CDFI assets are held by banks, whereas 66% are held by credit unions? Yet the median asset size of a CDFI bank is nearly double the median size of a comparable credit union, at $335MM and $175MM, respectively... Read more here: https://lnkd.in/gAN5kYHk And as always, please engage in the comments! cc: Clare Cusack Niall O'Hegarty Karen L. Armstrong #CDFI #communitybanking #creditunions #financialinclusion
Strengthening Communities Through Growth: The Remarkable Expansion of CDFIs
medium.com
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As the cost-of-living crisis continues, millions of households in the UK are facing a devastating debt crisis. The situation has driven millions to resort to unsecured lending as a last way to cover bills and essentials. Recognising the urgency of the situation, organisations such as charities, housing associations and local authorities are using data to gain a comprehensive understanding of an individual’s financial situation and resilience in the face of mounting financial pressures – so that they can identify and provide support to those who need it most. Sentinel's Single View of Debt accelerator helps organisations with a 360 view of a person’s circumstances, to better understand the help and support they need, and to deliver a tailored response. To learn more, drop us a line today 👉 https://lnkd.in/epdYSGw5 #housingsector #housing #singleview #vulnerablecustomer #datatransformation #360view #sentinelpartners #localauthorities #data
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