CDFI Certified
The Capital Corps is designated a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury.
The Capital Corps is designated a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury.
MISSION DRIVEN
The Capital Corps has successfully earned their Community Development Financial Institution (“CDFI”) certification from the United States Department of the Treasury’s CDFI Fund in May 2018. Through monetary awards and the allocation of tax credits, the CDFI Fund helps promote access to capital and local economic growth in low-income and developing communities across the nation.
The Capital Corps is now eligible to apply for membership to the Federal Home Loan Bank of San Francisco. This membership would allow participation in the CDFI Bond Guarantee Program which would qualify The Capital Corps for certain regulatory exemptions relating to consumer and mortgage lending. It would also enable our banking partners to receive expanded Community Reinvestment Act credit.
Certification as a Community Development Financial Institution allows us to successfully pursue our ultimate mission – increasing access to credit to those pursuing their American Dream. Our Community Advisory Board comprised of representatives of underserved communities, was established to help ensure we stay true to our mission.
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Community Development Financial Institutions – or CDFIs – are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities.
CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions.
CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund – known as the CDFI Fund. In order to become a certified CDFI, the financial institution must: have a primary mission of promoting community development; provide financial products and services; serve one or more defined low-income target markets; maintain accountability to the community it serves; and be a legal non-governmental entity.
All CDFIs share a common mission of serving low-income communities.
Certified CDFIs are part of a national network promoting economic growth in America’s underserved communities by financing businesses, creating jobs, and rebuilding neighborhoods.
As a CDFI, The Capital Corps is expanding access to underserved borrowers who have been previously left out of the system.