Community Development Financial Institutions (CDFIs)

St. Louis Community Credit Union/Prosperity Connections

Founded in 1942 and originally housed in the dining room of its first president, St. Louis Community Credit Union now has $250 million in assets, 15 branch locations, more than 175 full-time employees, and over 53,000 members.  To bring low-cost banking services to “financial deserts,” the credit union also operates three mini-branches within social service agencies.  In 2009, St. Louis Community Credit Union became a CDFI, a designation that has helped it secure more than $3.3 million to provide services to low-income, underserved populations.  In 2009, the credit union also established a separate nonprofit, Prosperity Connections, which provides free financial education and a nonprofit alternative to payday lending and check cashing services.  To date, the nonprofit has supported over 33,000 people.

First Independence Bank

Founded in 1970, First Independence Bank is a Detroit-based, black-owned CDFI.  As of 2016, First Independence held over $235 million in assets, operated three branches, and employed 81 full-time workers.  In addition to providing a full range of financial services, the CDFI provides affordable home improvement loans in distressed urban areas. Read more about First Independence Bank...

Pathway Lending

Based in Nashville, Pathway Lending is a CDFI focused on providing underserved small businesses in Tennessee with the capital and educational services they need to grow and succeed.  Since its establishment in 1999, the CDFI has made more than 915 loans totaling nearly $150 million and provided more than 32,000 hours of business advisory services. Read more about Pathway Lending...

Housing Fund

The Housing Fund finances affordable housing and neighborhood revitalization projects across Middle Tennessee.  Since its incorporation in 1996, the CDFI has lent over $66 million, which in turn has leveraged over $400 million in private financing to support more than 4,300 units of housing for low and moderate income families.

Local Enterprise Assistance Fund (LEAF)

The Local Enterprise Assistance Fund (LEAF) aims to promote human and economic development by providing financing and development assistance to cooperatives and social purpose ventures that create and save jobs for low-income people.  To date, LEAF has invested and leveraged over $106 million, resulting in the creation or retention of more than 7,800 jobs.  The CDFI is just one of three in the U.S. with a focus on supporting cooperative enterprises.

Banking On Justice

James Trimarco
Yes! Magazine

A Yes Special Report...In the poorest region of the nation’s poorest state, a tiny government program keeps money flowing through mom-and-pop financial institutions in the Mississippi Delta—changing more

Georgia Cities Foundation

Based in Atlanta, Georgia Cities Foundation focuses on supporting the revitalization of underserved downtown areas.  Since its designation as a CDFI in 2010, the nonprofit has provided more than $21 million in loans to 123 projects credited with catalyzing 253 new businesses, creating 1,386 jobs, and leveraging an additional $101.2 million in private investments.

Reducing Income Inequality: How CDFIs Promote Job Quality

This report from the Opportunity Finance Network details how community development financial institutions (CDFIs) can support quality job creation as a way to reduce income inequality. Noting that this approach is currently underutilized in the field, the report draws on five case studies of CDFIs that are using tools such as debt and equity products, interest rate reductions, and technical assistance to not only grow small businesses, but ensure access to quality jobs for low-income communities. The report makes recommendations for how to scale this approach in the CDFI field.

Colorado Housing Assistance Corporation

Based in Denver, Colorado Housing Assistance Corporation (CHAC) strives to ensure that low and moderate income state residents can afford housing and achieve successful homeownership.  Since its founding in 1982, CHAC has helped more than 7,500 first-time home buyers with down payments and closing costs, and prevented nearly 1,000 families from foreclosure.

Colorado Enterprise Fund

Based in Denver, Colorado Enterprise Fund (CEF) provides loans to small and emerging Colorado businesses unable to secure traditional bank financing.  Since its establishment in 1976, CEF has made more than 1,800 loans totaling $54 million, investments credited with creating or retaining more than 16,000 jobs.