What is CDFI, what does it mean for CBC, the community, and our members? CDFI stands for Community Development Financial Institutions, and assistance is given to help financial institutions empower their community. The CDFI Equitable Recovery Program has 1) provided funding to CDFIs to expand lending, grant making and investment activities in low- or moderate-income communities and to borrowers that have significant unmet capital and financial services needs and have experienced disproportionate economic impacts from the COVID-19 pandemic, and 2) enabled CDFIs to build organizational capacity and acquire technology, staff, and other tools necessary to accomplish the activities under a CDFI ERP Award. Examples of what we are doing: Investing in products and services that benefit the underserved community Expanding our lending portfolio to borrowers that have financial service needs Growing our support team Acquiring new technology and tools to support our CDFI ERP activities CBC looks forward to sharing more with you about our progress along our journey towards serving the underserved with the help of our CDFI ERP Grant!
