In February 2021, the Community Investment Collaborative (CIC) received its certification as a Community Development Finance Institution (CDFI). CDFIs are mission-driven financial institutions dedicated to providing financial services that meet the needs of economically disadvantaged businesses and individuals within underserved communities. CIC’s certification will allow the organization to seek larger government and private funding opportunities – bringing more resources to the region to assist small businesses. More specifically, CIC’s certification allows it to serve a target market that includes businesses owned by individuals from low-income households, along with businesses owned by African Americans. These populations historically have trouble accessing business credit from traditional sources.
CIC joins more than 1,100 certified CDFIs that are part of a national network promoting economic growth in America’s underserved communities by financing businesses, creating jobs, and rebuilding infrastructure. Other CDFI’s in central and western Virginia include Piedmont Housing Alliance, Staunton Creative Community Fund, Virginia Community Capital, and Foodshed Capital.
CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund – known as the CDFI Fund. For more information on CDFIs, the certification process, or other entities, visit the CDFI website.