Community Development Financial Institutions (CDFIs) are nonprofit, mission-driven financial institutions that provide loans and other critical resources to the underserved people and places often ignored by big banks. Created in the 1970s in response to predatory and exclusionary lending practices, the CDFI sector leverages $12 in private capital for every $1 of federal support.
CDFIs have proven the business case for investing in women and minority-led businesses, challenged conventional perceptions of investment risks associated with low wealth communities and demonstrated the power of partnerships to change communities and build wealth. One of those critical partnerships has been with the philanthropic community, which has provided low cost capital to enable CDFIs to deliver creative financing, technical assistance, data and more to address systemic barriers that they know well.
Foundations partner with CDFIs for a range of reasons including: strategy development, landscape analysis, capacity building, program assessment, technical assistance and regranting. COVID-19 reminds us how the economic, social and health impacts of the pandemic are magnified for vulnerable and underserved communities. CDFIs are uniquely positioned to deliver resources to people and places experiencing these devastating insecurities.
Join us for this webinar to hear from two CDFIs working to strengthen communities in the Southeast through finance, data, technical assistance, and wealth-building initiatives, including their responses to COVID-19.
Bill Bynum, CEO, HOPE
Don Hinkle-Brown, president and CEO, Reinvestment Fund