ART welcomes the extensive report that has been produced by Responsible Finance, the trade association for Community Development Finance Institutions (CDFIs) like ART, calling for more support for the sector from both public and private sectors sources.
CDFIs play a vital role in providing access to finance for viable businesses which the banks either can’t support at all, because they don’t meet their criteria, or which the banks have already supported as far as they can. They operate on a not-for-personal-profit basis, relying on public and private sector support to provide guarantees and funds to lend. Their business model makes them ideally place to support economic bounce back post COVID-19.
Summary explanation of the role of CDFIs: Building Banking Back BetterDecember 15, 2021 12:41 pm