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What is Community Development Financial Institutions?
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What is Community Development Financial Institutions?
CDFIs are banks and credit unions that accommodate people who are typically shut out of the financial system.
By Amber Murakami-Fester Amber is a former bank writer for NerdWallet. Her writing has been featured on USA Today, The Christian Science Monitor and The Associated Press. She holds a bachelor’s degree in comparative literature from UCLA.
Mar 4, 2022
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If you’re in search of low-cost loans as well as bank accounts, but haven’t had success before, community-based financial institutions may be able to help.
What are CDFIs?
The Community Development Financial Institutions (CDFIs), also known as CDFIs are mostly banks and credit unions that focus on serving people in low-income communities that were previously excluded in the system of finance. In contrast to other financial institutions, CDFIs are not dependent on credit scores in providing loans and other services.
They also focus on developing long-term relationships with members of the community, helping their clients become financially educated and set savings goals. They also help build credit and access inexpensive loans. CDFIs can additionally be loan funds or venture capital funds that have community-oriented mission statements.
Put your money into a brighter future
Find an institution that has great customer service for you , and a mission to improve the world for all of us.
A closer look at CDCUs
The community-based credit union also known as a CDCU is a credit union that’s a part of Inclusiv, a nonprofit national association for CDCUs since 1974. Inclusiv came up with the phrase “CDCU” and started supporting mission-driven credit unions over two decades prior to the time that the federal government introduced its CDFI certification. (See a .)
CDCUs share a mission similar to CDFIs, but “CDCUs have a larger mission that revolves around financial inclusion. The CDFI certification is a gauge of lending activity” says Pablo DeFilippi, senior vice president of membership at Inclusiv. “CDCUs do that and much more.”
CDCUs can also be CDFIs However, they aren’t all. Smaller CDCUs may have fewer resources to go toward CDFI certification or grant-writing. “Part of our job at Inclusiv is to assist membersget CDFI-certified” should they not already, says DeFilippi.
What is the function of CDFIs?
To aid those who aren’t being provided by the traditional bank system Congress established community development banking in 1994.
As part of the U.S. Treasury, CDFIs can often offer low-cost mortgages for first-time buyers of homes and loans to small-scale businesses. They can also offer small credit-building loans that are designed to assist consumers build credit. Credit expansion throughout the community is beneficial to promoting the stability and health of the local economy.
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CDFIs are experts in “communication about the right [financial] product at the right time for the consumer. It’s as much a plan as it is art” DeFilippi explains “You’re actually taking on the role of a consumer.”
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CDFIs can save you cash for those who require the most. For example, if you’re in need of a $500 loan but can’t qualify for a standard bank loan, a payday lender may be able to offer a loan at an interest rate that is comparable to 400% a year. At the rate of a CDFI the person who has an excellent credit score could be able to get a loan at an interest rate of 18. That can save hundreds of dollars in interest.
To find a CDFI bank or credit union in your region you can look through the state-by state list below. For a complete list, visit the .
District of Columbia
Author bio: Amber Murakami-Fester is an ex-banking writer at NerdWallet. Her work has appeared in USA Today and The Christian Science Monitor.
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