Philadelphia, PA (May 23, 2017)—In a press statement issued today, OFN expressed disappointment at the administration’s FY 2018 budget proposal and highlighted the CDFI multiplier effect of responsible finance for hardworking Americans.

OFN President and CEO Lisa Mensah said, “From FY 2005-FY 2015, the CDFI Fund awarded $1.4 billion in Financial Assistance awards and the CDFIs who were the recipients of these Financial Assistance awards closed $30.4 billion in loans. That helps all economies move forward, as CDFIs work on projects that get these dollars into the hands of hardworking Americans in low-income rural, urban, and Native communities.”

OFN member and President and CEO of Natural Capital Investment Fund Marten Jenkins added, ““In places like West Virginia, where capital for small business is tough to come by, CDFIs make all the difference.”

OFN member and President and CEO of Access to Capital for Entrepreneurs Grace Fricks said “Our CDFI finance enables entrepreneurs start a business or take their business to the next stage and creates jobs in Georgia.”

The CDFI Fund has received bipartisan support and Congress appropriated $248 million in funding for FY17. Under President Trump’s budget proposal funding would be eliminated.

Read full statement here.

 

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