When it comes to banking, minority-businesses are often lacking that close relationship that many larger businesses have. With Community Development Financial Institutions (CDFIs), 60% of their lending must be focused on low- and moderate-income individuals. On this episode, Senator Mark Warner of Virginia is talking about the new piece of legislation he is working on and how it will increase investment to CDFIs and ultimately to those small businesses in low- and moderate-income communities.
Topics Include:
00:24 – An introduction to CDFIs 03:14 – The prevalence of unbanked or underbanked businesses 05:38 – Examples of CDFIs 07:44 – The State Small Business Credit Initiative (SSBCI) 09:57 – Incentivizing private investors to invest in CDFIs 14:31 – Who does the CDFI bill target? 15:41 – When might this bill pass? 17:50 – The importance of going out and borrowing money
Looking for other funding opportunities? Learn about the SBA Microloan Program at www.paychex.com/articles/finance/sba-microloan.
Read more about funding your business with our guide "Start Up Guide: Fund Your Business."
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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