The Virginia CDFI Coalition seeks to offer a collective voice to address issues concerning unmet financial needs of Virginia communities by advocating for greater awareness of CDFI activities and operations and by supporting the goals of its member organizations with peer support and education. These goals will be implemented by the Coalition members individually and collectively in statewide and local venues with an emphasis on social and racial equity.
What is a CDFI?
"Community development financial institutions (CDFIs) are private financial institutions that are dedicated to delivering affordable support to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.
By financing community businesses—including small businesses, micro-enterprises, nonprofit organizations, commercial real estate, and affordable housing—CDFIs spark job growth and retention in hard-to serve markets across the nation."
- Opportunity Finance Network
Annual Impact of VA CDFIs
151 originations totaling
$93.4M to businesses
22 originations totaling $9.8M to industrial/agricultural businesses
131 originations totaling $44.1M to individuals
27 originations totaling $30M to nonprofits & community facilities
1.3M sq. ft. of real estate constructed or rehabilitated
1,504 units of affordable housing financed
15.6B in total awards to Virginia CDEs and CDFIs since 1996
Source: CDFI Coalition - FY 2017 dataset (www.cdfi.org)
In 2021, the Virginia General Assembly passed a $10 million budget amendment that effectively created and funded the Virginia CDFI Fund, which is to be administered by the Virginia Department of Housing and Community Development (DHCD). The purpose of this fund is to support Virginia-based CDFIs and build their capacity to support communities and businesses across the state. In response to this opportunity, a majority of Virginia-based CDFIs has agreed to organize, form a coalition, and establish a collective voice for the community development and investment community.
Why We Formed
Advocacy & Education
Support the establishment of the new Virginia CDFI Fund at DHCD.
Educate policymakers and other stakeholder groups on the value and work of CDFIs.
Advocate for the Virginia CDFI industry to be considered in local, state, and federal programs related to economic development, investment, and financing.
Connect and partner with similar or complementary associations to provide and enhance resources for our communities across the state.
Industry Best Practices & Partnerships
Develop analytical tools to better reflect CDFI impact across the state.
Learn from each other’s experience and innovations to better serve our communities.
Partner on projects and participate in lending opportunities.
Identify joint funding opportunities.
Work to increase efficacy of the Virginia CDFI industry and associated infrastructure.
Story Telling and Market Education
Tell our borrowers’ and partners’ stories.
Build the CDFI brand in Virginia.
Financial Products, Services, & Communities Impacted
Long term loans
Equitable leadership focusing on BIPOC businesses or communities
Long term sustainability to improve capital for the area
Meet the Members
Virginia CDFI Locations
Interactive map: Hover across Virginia to see the different CDFI locations.
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