Are you a member of the general public who is looking
for a loan, perhaps to renovate your home or start
your
own business?
The Community Development Financial Institutions Fund,
or CDFI Fund, is a program within the U.S. Department
of the Treasury that awards money and tax credits to
community-based organizations that work in low-income
urban and rural
communities across America. These organizations, known
as CDFIs, all have a common mission of working toward
revitalizing economically depressed communities or
communities underserved by mainstream financial institutions
and improving
the
quality of
life of those
that live and work in these communities.
The CDFI Fund does not make loans directly to individuals
nor does it finance specific projects. Instead, the
CDFI Fund provides financing to CDFIs
that operate in communities for the
benefit of people that live in them. In
turn, these CDFIs
provide financing to: residents that want to buy their
first home; individuals that may want to start their
own business, for example renovating homes in their
neighborhood or opening a corner store or beauty salon;
owners of existing businesses, like a printing shop
or restaurant, that would like to expand their business
(helping create new jobs). In addition, many of these
CDFIs work with individuals on improving their credit
rating or helping them to create a monthly budget.
There are two ways to find CDFIs in your community:
We hope that this is helpful. If you have any further
questions or suggestions, please e-mail us at
cdfihelp@cdfi.treas.gov.
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