An Open Letter from CDFI Leaders

We received this letter and wanted to share it with Coalition members and our supporters. CDFIs across New York State are poised to help our communities build back better – with the support of our own funders and investors.

Good afternoon, I’m writing from California-based CDFI Pacific Community Ventures, on behalf of our leadership and the leaders of many of our fellow CDFIs such as Opportunity Fund (CA), Nonprofit Finance Fund (NY), and Capital Impact Partners (VA). We’re issuing an open letter to the banks, impact investors, and foundations who traditionally fund the CDFI movement.

CDFIs like us are responding to borrowers in crisis in communities from coast to coast. I’m sure your organization also is fielding dozens of calls a day from borrowers struggling with how to survive lost revenue and canceled programming, how to keep people employed, and even whether to close their doors entirely. You’re providing all of the resources you can as well as developing plans to react quickly to payment issues that may arise in the next month and beyond.

In order to provide this kind of support to our clients in crisis — and further help them stay in business and support their employees’ health, much less plan for recovery when they’re ready to ramp back up — we need our funders and investors to support us.

We would love it if you would consider sharing, and hopefully joining us in signing, our Open Letter from CDFI Leaders to our Supporters. If you have questions on the letter, or would like to join us as a signatory, please let me know.

There are more than 1,000 of us CDFIs at work in all 50 states managing $185 billion in loans and investments to historically underserved small businesses, nonprofits, affordable housing projects, unbanked consumers building credit, and farms and grocery stores which provide healthy food. The value of our nationwide network of CDFIs is becoming increasingly apparent as the Small Business Administration and other agencies race to rescue the chaotic recovery rollout, which is already running the risk of passing over the communities hit hardest by the economic fallout.

Thank you for everything you’re doing!

Patrick Duggan
Director, Marketing & Communications
Pacific Community Ventures
1700 Broadway, Suite #300, Oakland, CA 94612
Tel. (415) 442-4312