What is a community development financial institution (CDFI)?

Community Development Financial Institutions (CDFIs) are specialized organizations that provide financial services in low-income communities and to people who lack access to traditional banking. They include credit unions, loan funds, banks, and venture capital providers focused on fostering economic growth and opportunity. CDFIs support affordable housing, small businesses, and community facilities, often working with individuals and businesses that may not qualify for conventional loans. Their mission is to promote economic revitalization and community development, particularly in underserved areas.