What it means to be a CDFI
Community Development Financial Institutions – or CDFIs – are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities.
- CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions.
- CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund – known as the CDFI Fund. In order to become a certified CDFI, the financial institution must: have a primary mission of promoting community development; provide financial products and services; serve one or more defined low-income target markets; maintain accountability to the community it serves; and be a legal non-governmental entity.
- All CDFIs share a common mission of serving low-income communities. CDFIs are commonly loan funds, credit unions, community banks, or venture capital funds.
- Certified CDFIs are part of a national network promoting economic growth in America’s underserved communities by financing businesses, creating jobs, and rebuilding neighborhoods.
- As a CDFI, MBF puts the community first and values local, economic growth.
MBF #smallbiztips: Is the cost of advertising on Google and other pay-per-click networks too high for your small business? Maybe not. Here are factors that will help you determine if advertising on search engines could be cost-effective for your company. https://t.co/XNmCGTY7Q1
Last night, MBF's #SmallBusinessTraining students presented their business plans to a panel of bank and alternative lenders 📊 Thank you to the panelist for participating in this educational event and providing sage advice. https://t.co/GMJbOQGHx4
MBF #smallbiztips: Bad online reviews can cause potential customers to shop elsewhere, negatively impacting your business’ bottom line. If your business has received a bad online review, here are steps you can take to handle it and minimize the damage. https://t.co/N1kP5IPpww
MBF #smallbiztips: Tomorrow at noon, the SBA will have a webinar on the 8(a) Business Development Program that helps small, disadvantaged businesses compete in the marketplace. Register at https://t.co/N8ssFJ0XoC. https://t.co/y3oqXHvGzs
Make a Donation
By contributing to MBF you have an opportunity to impact job creation, encourage economic development and improve the future of the City of Miami.