June 3, 2019
On Tuesday, June 4, local stakeholders from banks, credit unions, and community organizations will join national experts from the Community Development Financial Institution industry to discuss the possibility of South Bend becoming a “CDFI Friendly City.”
CDFIs are mission-driven lenders with the potential to help residents seeking funding for personal credit building, small business support, home mortgages, and other financial needs. CDFIs perform similar functions to banks but are governed by different federal rules that allow them to be profitable but not profit maximizing. A “CDFI Friendly City” seeks to connect local investment opportunities to CDFI lenders by contextualizing the local financial landscape and incentivizing equitable development.
“From the librarian-turned-independent bookseller to the startup eliminating obstacles to financing homeownership, South Bend has proven it has the ideas to develop a more inclusive community.” said Mayor Pete Buttigieg. “CDFIs will be another tool in fulfilling the vision of equal opportunity for residents.”