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: The CARES Act establishes a new $349 billion Paycheck Protection Program that will provide much-needed relief to small businesses so they can sustain their businesses and keep their workers employed. For more information, go to https://t.co/OFLtM5VO9I.
MBF #SmallBizTips: Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where Facebook operates. This program can help with working capital, rent, and operational costs. https://t.co/y3uO4YcswP.
The @SBA_SouthFL is hosting virtual office hours and webinars to help business owners apply for their Economic Injury Disaster Loan. This webinar will go through the loan application; offer tips and insight into completing an application & what you can expect after applying. https://t.co/XtOo9OwLdY
MBF #SmallBizTips: Adapting to the impact of coronavirus quarantine is critical to survival. Learn from others how they are pivoting and find out about local, state, and federal resources for small businesses such as emergency loans. https://t.co/9FXi8KwGDV https://t.co/6zcq9PUgcU
Make a Donation
By contributing to MBF you have an opportunity to impact job creation, encourage economic development and improve the future of Miami.