Community Development Financial Institutions (CDFIs) play a critical role by bringing investment and resources to historically underserved communities through capital and other supports to help entrepreneurs start and grow businesses, develop affordable housing, establish community facilities, and build wealth and expand economic opportunity. The pandemic further underscored the important role CDFIs play in supporting local communities, including providing access to capital for small businesses left out of traditional financial markets, many of which are owned by women and people of color. In fact, businesses owned by people of color have been the hardest hit by COVID-19. Historically, these businesses have less access to credit, and less able to withstand the loss of income. They are not only providers of critical services in underserved communities; they also serve as primary sources of jobs and income in communities of color. Yet, while many advocates rightly called on the federal government to include specific funding for CDFIs in its second pandemic response package, others are asking how well existing CDFIs are really serving communities of color.
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