December 2024
Community Development Financial Institutions (CDFIs) experienced significant growth following federal and state COVID-19 relief programs, with small businesses particularly benefiting from their support during the pandemic. The pandemic amplified the crucial role CDFIs play in addressing socioeconomic disparities by providing access to capital for marginalized communities, a vital component of local economic development. As demand for financial services in low-income and minority communities rises, the CDFI industry is well-positioned for growth. However, many CDFIs face challenges such as limited access to capital, visibility, and capacity. CDFI Coalitions have emerged as effective solutions to addressing these issues, allowing organizations to leverage resources to elevate visibility, advocate for policies, and collaborate towards collective goals.
This report provides perspectives on the work of CDFI Coalitions to inform the creation of a DC CDFI Coalition.