Published on January 26, 2022
In case you missed the CDFI Friendly Fort Worth launch this morning, the event can be viewed online:
CDFI Friendly Fort Worth is an initiative to increase financing for Fort Worth’s minority-owned businesses, affordable homeownership, rental housing and commercial real estate. The city has committed $3 million toward the effort.
CDFI Friendly Fort Worth will work as a go-between, matching CDFIs (or community development financial institutions) to residents, entrepreneurs and nonprofits in Fort Worth’s communities. CDFIs offer flexible capital to address gaps in underserved communities.
CDFIs have been working successfully in communities of color and other under-resourced places for more than 30 years, producing outstanding financial results. CDFIs are special-purpose financial institutions staffed by experts who are skilled in working with nontraditional borrowers and managing risks for a wide range of investors, including banks, faith-based investors, philanthropies, individuals and others. According to industry data, 60% of more than $100 billion in CDFI financing over 30 years has gone to borrowers of color.
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