Established in 1997, Neighborhood National Bank (NNB) is the first nationally chartered bank designated as a CDFI. NNB prioritizes investing local deposits into small and mid-sized San Diego businesses and providing banking products, services, and advisory support to businesses and people within San Diego’s underserved communities.
Headquartered in San Diego, CDC Small Business Finance provides capital to small businesses so that they can expand and create jobs. Since its establishment in 1978, the nonprofit is credited with creating or preserving 182,000 jobs by making over 11,000 loans totaling $13.8 billion to small businesses across California, Arizona, and Nevada.
Established by the Women’s Opportunities Resource Center (WORC) in response to the challenges its graduates experienced obtaining start-up capital, the Economic Opportunities Fund (EOF) is a CDFI focused on providing capital to low-income and underserved populations in the Philadelphia metropolitan area. To ensure its borrowers’ financial success, EOF offers a range of support services including post-loan technical assistance and tax credit preparation. Since its inception in 1999, EOF has made more than 350 loans, totaling over $1.2 million, that are credited with creating and retaining several hundred jobs.
Established in 1997 by PIDC, PIDC Community Capital aims to support community revitalization, improved quality of life, and business growth, particularly among Philadelphia’s African American-owned businesses. To do so, the CDFI focuses on: 1) financing high impact projects in disadvantaged communities that create quality jobs, eliminate blight, and provide new goods and services; 2) deploying capital and technical support services to small, growing businesses; and 3) repositioning and transitioning underutilized real estate assets for productive use. In 2016, PIDC Community Capital made 75 business loans, over 60 percent of which were made to minority or women-owned firms, and invested over $15 million in low-income communities.
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.
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...