Friday, September 24, 2021
Join us as we talk about this little known industry that's entering a golden age due to the pandemic, and how if you've you might be able to access capital form a CDFI when mainstream lenders are saying "not yet."
When it comes to financing a little known act of congress in 1970 called the "CRA act" spawned an entire industry. Banks would be required to provide capital non-profit entities that are known as Community Development Finance Institutions. As banking became more profitable, and more national vs local, the minimum threshold for deal size and what type of deals they were willing to work on continued to grow (along with the requirements for approval). Small businesses were, and still are, the lifeblood of the American economy. Thus, this act established a flow bank capital out to certified non-profit lenders who are focused on loan amounts under $50,000.
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