CDFIs could be community development banks, community development credit unions, community development venture capital funds, microenterprise development loan funds, or community development corporations.
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In order to validate its existence and function properly, CDFIs need to be certified by the Community Development Financial Institutions Fund, and through these, the CDFIs will then be provided with funds and finances through several programs and initiatives.
CDFIs can provide financial assistance to challenged communities such as small business and underserved populations. The overall mission of the CDFI fund is to provide the American people with accessible, nonetheless affordable, credit, capital, and financial services.
Initially, the CDFI Fund was created for the sole purpose of economic rehabilitation and community development through investing and providing financial assistance to community development financial institutions (CDFIs).
Since its creation in the year 1994, the Community Development Financial Institutions Fund has already administered over $1.4 billion to various community developments and financial institutions.
If you wish to read more about the CDFI Fund, you can visit the its official website at http://www.cdfifund.gov.
Community Development Financial Institutions
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About The Author Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. She also maintains Websites providing resources on artist grants and children grants. |
Social Enterprise Associates (SEA), a New Mexico fellowship of consultants banded together to deliver social mission-based services, are the first, B Lab certified company in the region and have been awarded as one of the 2014 Best for the World B Corps for their long-range economic and social impact.