WASHINGTON, May 5, 2020 /PRNewswire/ -- Today, the CDFI Coalition and more than 500 organizations sent a letter to Congressional Leadership urging the inclusion of $1 billion in additional appropriations for the Community Development Financial Institutions (CDFI) Fund. The letter requests that Congress include this funding for underserved communities in the next round of federal coronavirus assistance.
More than 500 CDFIs, community banks, nonprofits, tribes and mission-driven organizations signed on to the letter.
"We urge Congress to support mission-driven lending to small businesses and underserved communities by including a $1 billion appropriation to the CDFI Fund in the next round of Coronavirus relief," said Coalition Chairman John Holdsclaw. "The dire and unprecedented economic circumstances in rural and urban communities across the country demand an aggressive federal response, and the CDFI Fund can ensure relief funds reach tens of thousands of small businesses and families left behind by previous relief packages."
CDFIs provide financial services in urban neighborhoods and rural areas underserved by traditional financial institutions, particularly those with high rates of poverty and unemployment. More than 1,100 certified CDFIs across the country are working on the front lines of the current economic crisis, triaging distressed businesses, helping families avoid foreclosure or eviction through credit and housing counseling, and working to help stabilize struggling economies.
"An additional appropriation now for the CDFI Fund will provide CDFIs the tools they need to provide patient, flexible capital to those communities and businesses at greatest risk," added Bob Rapoza, spokesperson for the Coalition.
About the CDFI Coalition
As the unified, national voice of Community Development Financial Institutions, The CDFI Coalition's mission is to encourage fair access to financial resources for America's underserved people and communities. The Coalition of Community Development Financial Institutions—more commonly known today as the CDFI Coalition—was formed in 1992 by a number of nonprofit organizations and activists concerned about the persistent and pervasive lack of financing capital available in distressed, urban neighborhoods and poor, rural communities.
For more information, visit www.cdfi.org.
SOURCE CDFI Coalition