Private funding for CDFIs is still limited. In 2007, New York passed into law a State CDFI Fund modeled after that of the US Treasury. In 2020, the first round of funding was appropriated, and in 2021, after 14 years, money began to flow to CDFIs across New York State.
Funding through this and other channels can build capacity and enhance the financial stability of CDFIs of all sizes. When all CDFIs in the state are counted among those advocating for this support, our chances for success will be greatly enhanced. The Coalition seeks to foster collaboration among CDFIs and build our collective voice within New York, allowing us to stay small and locally oriented while obtaining advantages associated with increased scale.
Each year, the Coalition coordinates an Advocacy Day in Albany to meet with government officials and staff to keep them informed about CDFI initiatives.
We encourage our members to actively engage with their legislators throughout the year; CDFIs are part of the solution to poverty throughout New York State—we are committed to educate and work with government to serve all state residents.