20th Anniversary Report highlights CDFI Coalition’s Record of Achievement
CDFIs Provided Financing to Over 6,500 businesses and Created 35,000 Jobs in 2013
Washington, D.C.— 2014 marks the 20th anniversary of the first Community Development Financial Institutions (CDFI) Institute, which will be held in our nation’s capital today and tomorrow. The event, hosted by the CDFI Coalition, will draw community development stakeholders from across the country. It is also the 20th Anniversary of the enactment of the law establishing the CDFI Fund at the U.S. Department of the Treasury. In celebration, the coalition released a report today, titled “20th Anniversary Report: Investing in Communities and Building Strong Foundations for the Future.” The publication details the impact of CDFIs nationwide and examples of their work to ensure financial services are accessible to underserved communities and populations.
“The report documents the record of achievement of 67 members of the CDFI Coalition that, together, have provided much-needed access to capital, allowing economically distressed rural and urban communities to grow area businesses and create jobs,” said David Beck, chairman of the CDFI Coalition and director of public policy and media relations at the Center for Community Self-Help.
In the early 1990s, there was significant evidence that the conventional banking sector was unable to address the financial services needs of low-income communities, both urban and rural. This recognition was brought to the forefront by a number of advocates, who founded a new organization, the CDFI Coalition. Together, the coalition members have dedicated over 20 years of work to address the barriers to capital experienced by low-income communities.
Now, there are more than 800 certified CDFIs working in communities across the United States, including 492 loan funds, 177 credit unions, 176 bank holding companies, banks or thrifts, and 13 venture capital funds. In 2013, CDFI Fund grantees made over 24,000 loans or investments totaling almost $2 billion. This capital financed over 17,000 units of affordable housing, 6,500 businesses and created some 35,000 jobs.
“These hard-pressed communities rely on CDFIs to revitalize their local economies by providing access to capital that traditional financial institutions cannot,” Beck added. “This report is a testament to the impact and proven success of CDFIs and we hope Congress will take this under consideration as it works to craft the 2015 budget and ensure CDFIs can continue to offer the level of investment needed in those communities left outside the economic mainstream.”
About the CDFI Coalition
The CDFI Coalition is the unified national voice of community development financial institutions (CDFIs). Our mission is to encourage fair access to financial resources for America’s underserved people and communities. Nationwide, over 1000 CDFIs serve economically distressed communities by providing credit, capital and financial services that are often unavailable from mainstream financial institutions.
Contact: Ayrianne Parks