Minority Investment Fund
A Non-Profit Community Development Financial Institution
What Is a Community Development Financial Institution?
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) helps promote access to capital and local economic growth in urban and rural low-income communities across the nation through monetary awards and the allocation of tax credits. Financial institutions certified by the CDFI Fund are eligible to apply for monetary support and training to build organization capacity. The CDFI Fund’s model is competitive and each of its programs provides CDFIs with the flexibility to determine the best use of limited federal resources in their community.
The Community Reinvestment Act (CRA) encourages commercial banks and savings associations to help meet the credit needs of their communities, including LMI neighborhoods, in a manner consistent with safe and sound banking practices. Three federal regulatory agencies — the FDIC, the OCC, and the Federal Reserve Board — conduct regular CRA examinations and develop performance evaluations based on performance tests that vary by institution size and type. However, regardless of the size or type of the depository institution, loans to and investments in qualifying CDFIs may be useful in helping community banks meet their CRA obligations.
Funding Offered
Consumer Lending
Providing consumers with $1K - $5K micro-loans to establish credit, remove barriers to home ownership or start their entrepreneurial journey.
Minority Contractors Loans
Creating $5,000-$50,000 in funding for minority contractors to purchase materials, expand their business, pay expenses or for working capital.
Development Funding
Sustaining the community development of minority-led nonprofit and for-profit entities building affordable housing for LMI families.
Community Reinvestment Act of 1977
The Community Reinvestment Act of 1977 (CRA) directs agencies (FDIC, OCC, the Board of Governors of the Federal Reserve System) to encourage insured depository institutions (Banks) to help meet the credit needs of the communities in which they are chartered. CRA does not prohibit any activity, nor is it intended to encourage unsafe or unsound lending practices or the allocation of credit.
CRA requires that each insured depository institution’s record in helping to meet the credit needs of its entire community, including low and moderate-income neighborhoods, be assessed periodically.
What CRA Does
The Community Reinvestment Act of 1977 (CRA) encourages certain insured depository institutions to help meet the credit needs of the communities in which they are chartered, including low- and moderate-income (LMI) neighborhoods, consistent with the safe and sound operation of such institutions.
Education Provided
Financial Credit Literacy
Each consumer that participates in the CRA Lending Programs of The Minority Investment Fund will complete online and in-person education & financial coaching.
Money Smart for Consumers
The FDIC Money Smart financial education program can help people of all ages enhance their financial skills and create positive banking relationships.
Money Smart For Business
Money Smart for Small Business (MSSB) provides an introduction to topics related to starting and managing a business. MSSB was developed jointly by the FDIC & SBA.
ABC's of Business
Become a “Bankable Entrepreneur” through the ABC’s of business by learning the underwriting guidelines of partnered CRA Banks as well as everything you need to be funded.