Community Development Financial Institutions Page 2
CDFIs could be community development banks, community development credit unions, community development venture capital funds, microenterprise development loan funds, or community development corporations.
CDFI's could be community development banks, community development credit unions, community development venture capital funds, micro-enterprise development loan funds, or community development corporations.
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.
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