How CDFIs represent what is possible for underserved communities

by QCash Financial CUSO

“CDFIs, at the heart of it, are community lenders. If you think about where banks step out, CDFIs step in. They deliver responsible capital where it is needed in a very place-based, community-first approach. Most CDFIs are nonprofits and there is tremendous alignment around ensuring their borrowers are successful. They win when community wins.”

Catherine Berman, CEO, CNote, via Forbes

We believe Boston merchant Edward Filene, founder of the credit union movement in the United States, would be proud of how the industry has evolved in these last 100-plus years. He recognized the community-centric values of the credit union structure and the inherent values, products, and services that were possible when neighborhoods came together and took ownership of their financial lives.

Today, that member-ownership philosophy continues to expand and evolve with credit unions in the form of community development financial institutions (CDFIs). These organizations help underserved communities achieve fair and responsible products and services that can get those member-owners back on the path to financial inclusion and stability.

 

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