The NYS CDFI Coalition provided written testimony to the Joint Legislative Public Hearing on the 2022 Executive Budget Proposal: Economic Development on February 16, 2022. Read or download the PDF here.
The NYS CDFI Coalition represents 83 Community Development Financial Institutions (CDFIs) serving every county in New York State. CDFIs are community-based specialized lenders that serve low-income people or businesses in economically distressed communities, often working in market niches that may be underserved by traditional financial institutions.
CDFIs provide a wide range of financial products such as mortgage financing for low income or first-time homebuyers, lending for small business and community facilities that help customers build wealth and maintain an ownership stake in society, and personal loans to help people avoid predatory lending and meet emergency needs.
CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions such as loan funds and venture capital funds.
NYS CDFIs create market-based solutions that provide capital to chronically underserved New York communities; leverage federal and private dollars for economic development; are locally controlled and accountable to their target market; provide financial services and education for low income New Yorkers; and promote responsible alternatives to predatory loans.
We are facing tremendous need for our limited resources. Communities and businesses, already on the edge, are struggling to recover from the pandemic and ensuing economic downturn. We are requesting your support for our work as we determine where to focus our outreach efforts.
Key areas include:
CDFI Technical Assistance (TA) Grants
Support NYS Small Business Development Centers (SBDC)
NYS CDFI $25MM Fund
Additional Resources for Empire State Development (ESD)
CDFIs across New York State acknowledge the important roles our institutions play at the intersection of racial and economic equity. We are committed to using our collective power to support racial and economic justice as part of the movement to create a more vibrant, healthy, and fair society for all. Thank you for the opportunity to share our testimony.