SC Capital Access
Community Development Financial Intuitions (CDFI)
A CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions. CDFIs provide a unique range of financial products and services in economically distressed target markets, such as mortgage financing for low-income and first-time homebuyers and not-for-profit developers, flexible underwriting and risk capital for needed community facilities, and technical assistance, commercial loans and investments to small start-up or expanding businesses in low-income areas.
CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions such as loan and venture capital funds. CDFIs offer microlending programs, that are small loans to help entrepreneurs start a small business.
Summary:
Community Development Financial Institutions (CDFIs) are specialized financial institutions operating in markets that are underserved by traditional financial institutions. A CDFI has a primary mission of promoting community development by providing credit, capital and other services.
Pros:
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Businesses have access to more loan and financial opportunities
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Business development
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Improved Community economy
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Microlending
Cons:
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Limited capital available for loans
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Not everyone is eligible for CDFI loans.
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You’ll likely need to live in an underserved or economically challenged community within the scope of each particular CDFI
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The Breakdown
Click the image above for the complete list of CDFIs in South Carolina