What is CDFI certified?

Community Development Financial Institution (CDFI) Certification is a designation given by the CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing.

How are CDFI funded?

Community Development Financial Institutions (CDFIs) are private sector financial institutions that focus primarily on personal lending and business development efforts in poorer local communities requiring revitalization in the U.S. CDFIs can receive federal funding through the U.S. Department of the Treasury by …

Is a CDFI a CDE?

Certification as a Community Development Financial Institution (CDFI) or Community Development Entity (CDE) allows an organization to apply for awards under the CDFI Fund’s competitive programs, including the Capital Magnet Fund, CDFI Bond Guarantee Program, Community Development Financial Institutions Program, and …

Can CDFIs apply for PPP?

Certified CDFIs are also endorsed to help disburse PPP funds. Small businesses, microenterprises, and low-income communities benefit from the affordable lending CDFIs provide.

Can a CDFI be for profit?

Ownership CDFI banks are for-profit corporations with a community and economic development mission and community representation on their board of directors or advisory board.

Are CDFIs government funded?

How does a CDFI make money?

CDFIs receive money to lend from a number of sources, including the federal government, state and local governments, religious institutions, foundations and individuals. Some CDFIs also help individuals purchase homes.

What was the purpose of the CDFI Fund?

The CDFI Fund was authorized by the Riegle Community Development and Regulatory Improvement Act of 1994. Since its inception, the Fund has made more than $1.4 billion in awards to community development organizations and financial institutions.

What are the requirements for a CDFI certification?

To apply for CDFI Certification, your organization must submit an application to the CDFI Fund for review. The CDFI Certification Application must demonstrate that the applicant meets each of the following requirements: Is a legal entity at the time of Certification application; Has a primary mission of promoting community development;

Where can I find list of certified CDFIs?

This data comes directly from the CDFI Fund, an agency within the U.S. Department of Treasury that is responsible for the CDFI certification process. You can access the source data from the CDFI Fund by visiting this page and clicking the link “View the list of certified CDFIs.”

How is FA funding made to certified CDFIs?

FA funding is made to certified CDFIs regardless of asset size; however, larger CDFIs are expected to leverage greater degrees of non-federal dollars (above the required 1:1 ratio) for their FA awards and serve more targeted markets. In FY 2004 the CDFI Fund reintroduced a Small and Emerging CDFI (SECA) category as part of the FA component.