Community Development Financial Institution funding plays vital role in economic growth
INDIANAPOLIS (WISH) – One problem for small businesses in under-invested communities is access to capital. Funding from Community Development Financial Institutions, known in the business industry as CDFIs, plays an important role in generating economic growth and opportunities in these communities.
In today’s Access to Capital segment, Dr. David Hampton, Executive Director of LISC Indianapolis, explains what CDFIs are and why they were created.
CDFIs provide capital and financial services to businesses that are often overlooked in under-invested communities.
Hampton says that before contacting LISC Indianapolis about CDFI funding, you should be prepared with a business plan, your personal credit should be in good standing, and you need to be financially stable for your business to be sustainable.
Hampton recommends looking for community partners with the resources to enhance your business, products, or services, as these resources can help obtain CDFI funding.
LISC Indianapolis wants to help improve neighborhoods and the community’s economic resilience. They can provide services like credit enhancement, technical assistance, and capacity building. Learn more about LISC Indianapolis here.
More information about CDFI funding can be found here.
This information is presented by Dr. David Hampton.