6.15.21
The American Banker reports that the Biden Administration is expected to provide $1.25 billion in funding for community development financial institutions (CDFIs). These are private financial institutions whose primary objective is to support community development by providing financing to low-income communities. In all, more than 860 CDFIs will receive funding to accelerate the economic recovery from the pandemic. According to a Biden Administration official, lenders that will receive the funding are in 48 states and serve urban, rural, suburban, Black, Native American, and other minority communities.