What is CDFI eligible?

To be eligible for CDFI Certification, an organization must meet the following criteria: Have a primary mission of promoting community development. Provide both financial and educational services. Serve and maintain accountability to one or more defined target markets.

What is a CDFI PPP loan?

CDFI loans are financial products for small businesses and home buyers. They’re meant to help low-income communities. Most, if not all, of the institutions in our CDFI PPP lenders list offer traditional business loans.

What are CDFI banks?

Community development financial institutions (CDFIs) are lenders with a mission to provide fair, responsible financing to rural, urban, Native, and other communities that mainstream finance doesn’t traditionally reach.

Are all CDFIs nonprofits?

CDFIs are more diverse that you think The default image of a CDFI is a nonprofit, unregulated loan fund. In fact, half of the 1,100 certified CDFIs are not nonprofit, unregulated loan funds. Almost 30% are credit unions and about 20% are for-profit banks, bank holding companies, or venture capital funds.

How many CDFI banks are there?

144
Community Development Depository Institution Holding Companies— Holding companies for banks or savings & loans. There are 144.

What CDFI is still accepting PPP applications?

Prestamos CDFI. This CDFI is accepting applications for first-time PPP loans on its website.

Are CDFIs eligible for PPP?

Yes, a new CDFI Certification applicant is allowed to count PPP loans that have occurred during calendar year 2020 or 2021, towards the Financing Entity and Target Market criteria.

What is the difference between a bank and a CDFI?

CDFIs strive to deliver responsible and affordable lending to financially disadvantaged communities across the country. In contrast, traditional banks are focused only on generating profits to satisfy their shareholders’ expectations.

How does a CDFI make money?

CDFIs receive most of their funding from three sources: banks, the federal government, and institutional investors. Despite their varied funding sources, the demand for capital still outweighs the supply. This is where individual investors like you can come in.