–News Direct–
Members of the CDFI Coalition gathered in Washington, DC, this week to mark the 30th anniversary of the CDFI Fund with a keynote address by Senator Mark Warner (D-VA), panel discussions and the release of a report highlighting the three decades of successes celebrated by the CDFI movement.
Coalition members, legislators and Administrations officials held panel discussions on New CDFI Certification Requirements, Cybersecurity and AI, Financing CDFIs and Community Development, Opportunities in Climate Financing, and Challenges and Opportunities for new CEOs of Color.
The report is based on data from the Coalitions survey of its members. Highlights of the report and the 30th Anniversary of the CDFI Fund include:
Thirty years ago, only a handful of CDFIs had been funded with philanthropy and other support, and their success provided the roadmap for the 1994 legislation and the impetus for the CDFI fund.
One of the more unexpected successes of the CDFI movement and the CDFI fund are the offshoots that they have supported and enabled. Significant new programs were built on the CDFI infrastructure and commitment created in 1994 by the Riegle Act.
The CDFI 30th Anniversary Report contains numerous success stories from CDFIs around the nation about how the credit, the products and the technical assistance they have made available have been transformative in their communities, said CDFI Coalition spokesperson Bob Rapoza.
For example:
The report also highlights the power of CDFIs, their investors and stakeholders in responding to our nations racial equity challenges as well as the Great Recession and the COVID 19 Pandemic.
For example:
As we look forward to the next 30 years, we know that CDFIs are going to continue to be a major force for bringing access to credit to low-income communities and individuals across the nation. They will be pivotal in our collective efforts to eliminate racial wealth gaps and increase opportunities for people and communities of color, Rapoza added.
CDFIs continue to innovate, to solve problems, to finance opportunities and to make sure that lending capital and technical assistance is available to all communities in our nation. In doing so, they acknowledge there is a newer and burning challenge how CDFIs can support reducing the carbon in our atmosphere and ensure that low-income communities and communities of color can access the same opportunities, tools and resources that will help mitigate the impact of climate change on our communities and economy.
The confidence of Congress and the Administration in providing such a key role to CDFIs under the Green House Gas Reduction Fund is a wonderful testament to the positive impact and reach of CDFIs in our most underserved communities, said Rapoza. We know that CDFIs will bring their innovative cultures, their commitment to serving low-income communities and communities of color, and their experience leveraging federal and philanthropic resources with private capital to make such a difference in Americas communities.
DOWNLOAD THE CDFI FUND 30TH ANNIVERSARY REPORT
About the CDFI Coalition
Community development financial institutions (CDFIs) are lenders with a mission to provide fair, responsible financing to rural, urban, Native and other communities that mainstream finance doesnt traditionally reach. The CDFI Coalition, formed in 1992, is the unified national voice of community development financial institutions. Our mission is to encourage fair access to financial resources for Americas underserved people and communities. Through its member organizations, the Coalition represents CDFIs working in all 50 states and the District of Columbia. This national network of CDFIs includes community development loan funds, community development banks, community development credit unions, microenterprise lenders, community development corporations and community development venture capital funds. The CDFI Coalition coordinates industry wide initiatives to increase the availability of capital, credit and financial services to low-income communities across the nation. For more information, visit www.CDFI.org
Greg Wilson
+1 571-239-7474
View source version on newsdirect.com: https://newsdirect.com/news/cdfi-coalition-marks-30th-anniversary-of-cdfi-fund-829412300
CDFI Coalition
COMTEX_449247973/2655/2024-03-14T11:08:04
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No DigiShor journalist was involved in the writing and production of this article.
© 2017 VictorThemes - Elite Themeforest Author.