Our Mission
The Virginia CDFI Coalition seeks to offer a collective voice to address issues concerning the unmet financial needs of Virginia communities by advocating for greater awareness of CDFI activities and operations and by supporting the goals of its member organizations with peer support and education. These goals will be implemented by the Coalition members individually and collectively in statewide and local venues with an emphasis on social and racial equity.
What is a CDFI
Community Development Financial Institutions (CDFIs) share a common goal of expanding economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. Whether it’s the credit union down the street or a nearby small business loan fund, your community may be home to an organization known as a CDFI.
CDFIs can be banks, credit unions, loan funds, microloan funds, or venture capital providers. CDFIs are helping families finance their first homes, supporting community residents starting businesses, and investing in local health centers, schools, or community centers. CDFIs strive to foster economic opportunity and revitalize neighborhoods.
- U.S. Department of the Treasury
Annual Impact of VA CDFIs
889 originations totaling
$212.1M to businesses
$71.4M originations in consumer loans or home mortgages
1.9M sq. ft. of real estate constructed or rehabilitated
$7.93M to industrial/agricultural businesses
1,535 units of affordable housing financed
311 originations totaling $140.7M to nonprofits & community facilities
$15.6B in total awards to Virginia CDEs and CDFIs since 1996
$15.5M in business investments (including $1.2M in microloans)
In 2021, the Virginia General Assembly passed a $10 million budget amendment that effectively created and funded the Virginia CDFI Fund, which is to be administered by the Virginia Department of Housing and Community Development (DHCD). The purpose of this fund is to support Virginia-based CDFIs and build their capacity to support communities and businesses across the state. In response to this opportunity, a majority of Virginia-based CDFIs has agreed to organize, form a coalition, and establish a collective voice for community reinvestment.
Why We Formed
Our Priorities
Advocacy & Education
Support the establishment of the new Virginia CDFI Fund at DHCD.
Educate policymakers and other stakeholder groups on the value and work of CDFIs.
Advocate for the Virginia CDFI industry to be considered in local, state, and federal programs related to economic development, investment, and financing.
Connect and partner with similar or complementary associations to provide and enhance resources for our communities across the state.
Industry Best Practices & Partnerships
Develop analytical tools to better reflect CDFI impact across the state.
Learn from each other’s experiences and innovations to better serve our communities.
Partner on projects and participate in lending opportunities.
Identify joint funding opportunities.
Work to increase the efficacy of the Virginia CDFI industry and associated infrastructure.
Story Telling and Market Education
Tell our borrowers’ and partners’ stories.
Build the CDFI brand in Virginia.
Financial Products, Services, & Communities Impacted
Long term loans
Credit enhancements
Equitable leadership focusing on BIPOC businesses or communities
Long-term sustainability to improve capital for the area
Meet the Members
Organizational Partners
The Virginia CDFI Coalition works to maintain ongoing formal and informal dialogues with many local groups to ensure collaboration and coordination.
We are always looking to partner with mission-aligned organizations - financial institutions, CDFIs, service providers, and others.
We thank our existing partners:
In the News
Virginia CDFI Locations
Interactive map:
Hover across Virginia to see the different CDFI locations.
Contact us.
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