Latest news with #CDFI
Associated Press
30-06-2025
- Business
- Associated Press
U.S. Bancorp Impact Finance Requesting Access Capital Proposals
Originally published on U.S. Bank company blog U.S. Bancorp Impact Finance is once again seeking proposals from nonprofits and Community Development Financial Institutions (CDFIs) as part of its Access Capital program to invest in emerging developers. The Access Capital program provides financial contributions to nonprofit organizations that are focused on developing, maintaining or expanding their technical assistance or training to better support developers. Recipients will be selected through an application process where nonprofits submit proposals describing how they could use additional capital for technical assistance or a training program with the goal of building capacity for developers. Once proposals are submitted, Impact Finance will select three to five recipients. Organizations with both existing and new programs are encouraged to apply. 'Capacity-building and technical assistance programs are a vital first step for emerging developers,' said U.S. Bancorp Impact Finance senior vice president Torrence Moore. 'The Access Capital program supports organizations that are providing these opportunities for developers, helping them learn, network and gain skills as they grow their businesses and ultimately get ready to take on capital.' This will be the fifth year of the program. From 2021 to 2024, Impact Finance awarded $1.2 million to 19 organizations. The deadline to apply is July 31, 2025, and the next round of financial contributions will be distributed in the fourth quarter of 2025. For more information or to obtain a copy of the request for proposals, email [email protected]. Visit 3BL Media to see more multimedia and stories from US Bank
Associated Press
24-06-2025
- Business
- Associated Press
Carver Bancorp, Inc. Rings Nasdaq Opening Bell Celebrating Juneteenth, Elevating the Role of Community Banks in Serving Main Street
NEW YORK, June 24, 2025 /PRNewswire/ -- Carver Bancorp, Inc. (Nasdaq: CARV), a community bank committed to meeting the financial needs of everyday New Yorkers, rang the Nasdaq Opening Bell on June 20, 2025, in celebration of Juneteenth. Carver's board members, employees, and community partners gathered to mark the occasion and reflect on the Bank's longstanding commitment to addressing barriers to financial access and its service to historically under-resourced communities. The event came a few weeks after Carver President and CEO Donald Felix participated in a roundtable discussion led by U.S. Treasury Secretary Scott Bessent in New York City. The conversation focused on how community banks—especially those designated as Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs)—can drive small business growth, promote household financial wellness, and anchor Main Street prosperity. During the Nasdaq ceremony, Carver President and CEO Donald Felix offered the following remarks: 'It's a tremendous honor to be here this morning at Nasdaq—here in New York City, the financial capital of the world—and especially meaningful to ring the Opening Bell in honor of Juneteenth. This day reminds us all of the strength, sacrifice, and progress woven into the fabric of the American story. This story belongs to all of us. As a day centered on the freedoms we all enjoy as Americans, it is also a day that calls on all to continue the work of expanding access and opportunity. Carver was founded in 1948 by visionary community leaders, both men and women, from Brooklyn and Harlem who understood the power of financial access and the freedoms that it creates. The everyday freedoms of owning a home, starting a business, and building up our communities. Our founders established a bank to serve those historically excluded from the financial system—a mission that remains just as critical today. At Carver, we have expanded on that mission, and today, we are dedicated to meeting the everyday banking needs of everyday New Yorkers who are working hard to get ahead. We continue to support the vitality of the neighborhoods we serve—delivering accessible financial services to individuals and small- to mid-sized businesses. We distinguish ourselves by reinvesting a majority of every deposit dollar back into the communities we serve, with an intentional focus on lending that creates jobs and drives local economic growth. We are proud to be recognized by the U.S. Department of the Treasury as a Community Development Financial Institution. Jointly, we understand the challenges and needs of rural and urban communities and how community banks serve as the backbone of America's middle class. As a first-generation American born in New York to immigrant parents, I am proud to lead an institution that has consistently supported under-resourced communities that strive everyday toward the American dream. I grew up living near, commuting past, and learning about Carver's branches. This bank's story is personal—and so is its future. In our 77th year, Carver isn't new to community banking, and while it takes work to continue the mission, we recognize it is too important not to and we are moving with the diligence, energy, and focus of a start-up. We are transforming to meet the evolving needs of our communities better—expanding our lending, investing in technology, and building a more sustainable path to profitability and impact. To our shareholders, employees, communities, partners, and regulators, thank you for supporting and standing with Carver. We're proud to be here—and we're just getting started!' Transforming a mission-driven community bank back to profitability and growth is hard work—but it's necessary work. When we do it well, our communities do well. Carver is committed to this path, knowing that to remain competitive and relevant, we must continue evolving—delivering trusted financial solutions that help everyday New Yorkers move forward. About Carver Bancorp, Inc. Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a Harlem-based community bank committed to meeting the financial needs of everyday New Yorkers who are working hard to get ahead and supporting the vitality of the neighborhoods it serves by delivering accessible financial services to individuals and small- to mid-sized businesses. Through its online banking platform and physical branches, Carver serves customers across nine states, from Massachusetts to Virginia, including Washington, D.C. Founded in 1948 to address barriers to financial access, Carver has a long-standing legacy of serving historically under-resourced communities. The U.S. Department of the Treasury has designated Carver as both a Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI) in recognition of its leadership in advancing financial inclusion and local economic empowerment. For further information, please visit the Company's website at Be sure to connect with Carver on Facebook, LinkedIn, and Instagram. Certain statements in this press release are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks, and uncertainties. More information about these factors, risks, and uncertainties is contained in our filings with the Securities and Exchange Commission. Media: Michael Herley for Carver 203.308.1409 [email protected] Investors: [email protected] View original content to download multimedia: SOURCE Carver Bancorp, Inc.
Forbes
24-06-2025
- Business
- Forbes
The Credit Gap: Reimagine Credit-Building For Marginalized Communities
Kevin Cohee, Chairman & CEO, OneUnited Bank, an award-winning CDFI and America's largest Black owned bank. Credit is often seen as a simple numerical score—a summary of financial responsibility. For millions of Americans, however, access to credit remains a complex barrier to opportunity and economic inclusion. Across the nation, many marginalized and underserved communities find themselves locked out of the traditional credit system, a reality with roots in history and consequences that still ripple today. Marginalized groups in the credit landscape are broader than often assumed. They include not only racial and ethnic minorities but also immigrants of many backgrounds, women, rural residents and low-income workers. Despite their diversity, these groups share common threads of systemic exclusion from traditional financial services, contributing to persistent inequities in wealth and opportunity. A History Of Barriers To Credit Access The challenges faced by these communities in establishing and accessing credit are not recent phenomena. They are the product of decades, and sometimes centuries, of exclusionary practices. During the 20th century, redlining—a discriminatory practice institutionalized in the 1930s by the Home Owners' Loan Corporation—systematically denied mortgage lending in communities of color, regardless of individual financial qualifications. These entrenched racial wealth gaps persist today. Similarly, immigrant populations, despite contributing substantially to the economy, often arrive without recognized credit histories, encountering hurdles in establishing financial credibility in their new country. Until the Equal Credit Opportunity Act was passed in 1974, women in the United States could be denied credit cards, loans or mortgages unless they had a male cosigner, regardless of income or financial independence. Meanwhile, rural Americans were frequently left out as financial institutions concentrated services in urban areas, limiting access to credit-building opportunities. Low-wage workers, despite stable earnings, often lacked the assets or formal financial histories that traditional credit models prioritize. Each of these historical realities created systemic disadvantages that continue to impact the ability of millions to fully participate in today's economy. When Alternatives Hurt: The Reality Of Predatory Lending Faced with systemic exclusion from mainstream financial services, many underserved consumers have turned to alternative lending options—often to their detriment. Payday loans are a particularly stark example. Marketed as short-term solutions for urgent cash needs, these loans can carry annual percentage rates (APRs) around 400%, according to the Consumer Financial Protection Bureau. For individuals with few other options, payday loans can rapidly spiral into cycles of debt, where borrowers repeatedly renew loans and pay far more in fees than they initially borrowed. Similarly, other "alternative credit" products—such as fee-laden rent-to-own programs or high-cost subprime credit cards—often promise quick access to credit but ultimately deepen financial distress rather than helping individuals build sustainable credit profiles. Predatory financial services prey on the very vulnerabilities created by systemic exclusion, exacerbating the financial fragility of marginalized communities rather than alleviating it. The Promise Of CDFIs In Expanding Access In contrast, Community Development Financial Institutions (CDFIs)—like my own bank—offer a model for inclusive credit expansion. Supported by the U.S. Department of the Treasury and other mission-driven investors, CDFIs specialize in providing responsible, affordable lending to individuals and businesses in underserved markets. Unlike traditional banks that may prioritize established credit profiles and significant assets, CDFIs often evaluate borrowers based on alternative criteria, offering personal attention, customized credit-building programs and lower-interest loans. They play a vital role in restoring trust where mainstream institutions have historically failed and offer a practical bridge to broader financial inclusion. Why Inclusive Credit Access Matters Expanding credit access isn't just a moral imperative—it's an economic one. When marginalized individuals can access fair and affordable credit: • Homeownership rates rise, strengthening families and neighborhoods. • Small businesses flourish, creating local jobs and revitalizing communities. • Education becomes more attainable, leading to a stronger and more skilled workforce. • Emergency preparedness improves, reducing societal burdens related to financial crises. Inclusive credit-building is, fundamentally, an investment in America's shared prosperity. Strengthening the financial footing of all communities enhances resilience and dynamism across the entire economy. Reimagining The Path Forward: Solutions And Approaches True change demands innovative, inclusive solutions that address historic inequities while building sustainable credit opportunities. To that end, the following strategies offer a path forward: Expand alternative data use: Encourage credit bureaus to include on-time rent, utility and mobile phone bill payments as part of credit scoring models, making visible the responsible financial behavior of millions. Promote accessible credit-builder products: Develop affordable credit-builder loans and secured credit cards with transparent terms, designed specifically for consumers new to credit or seeking recovery from past financial hardships. Support employer-sponsored financial wellness programs: Create opportunities for employers to offer small-dollar loans, emergency savings programs, and financial education that can help employees improve their credit standing. Invest more in CDFIs and mission-led lenders: Increase public and private investment in CDFIs to expand their reach into rural, immigrant and low-income communities nationwide. Enhance community-based credit education: Partner with local organizations to provide culturally relevant, accessible financial education tailored to the realities and needs of diverse communities. Modernize credit scoring methodologies: Advocate for more flexible and equitable underwriting practices that consider broader measures of financial behavior beyond traditional FICO models. Protect against predatory lending: Strengthen regulatory oversight and consumer protection laws to curb abusive lending practices that target vulnerable borrowers. Creating A New Path To Credit Equity Reimagining credit building for marginalized communities is not a small task, but it is a critical one. It is time to acknowledge that the barriers preventing equitable credit access have been built into our financial system for far too long, and now, it's time to dismantle them. By investing in inclusive innovation, empowering underserved communities to thrive and ensuring financial access for all, we will not only open doors to opportunity but also unlock the full potential of our nation. Let's build a financial system where credit is a bridge to opportunity, not a wall that keeps millions locked out. Together, we can create a future where economic success is within reach for every American. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Yahoo
19-05-2025
- Business
- Yahoo
Ellavoz Impact Capital and YouthBuild Secure Financing to Renovate Newark Building
NEWARK, N.J., May 19, 2025--(BUSINESS WIRE)--Ellavoz Impact Capital (EIC) has secured financing together with YouthBuild Newark, Inc. (YBN) to fully rehabilitate their building located at 571 Central Avenue, Newark. The reworked space will enable YBN to consolidate their operations into one facility for LEAD Charter School and its programming. The transaction furthers YBN's strategic plan of generating additional revenue while also enhancing educational programs. EIC successfully secured $10.6MM in New Market Tax Credit (NMTC) allocation from Wells Fargo Bank, N.A. and Community Impact Partners (CIP) as well as CDFI debt from CIP. The tax credits and debt financing will enable YBN to execute its rehabilitation project. The immediate and long-term impact of this revitalization includes: Enhanced Learning Environment: YouthBuild and LEAD students represent some of Newark's most marginalized youth. The refurbished facility will enhance student experiences through an improved learning environment more equipped to offer the services, programming, and support that the students need. Construction Jobs: 100% of the major construction vendors who will be working on this job are Newark-based and minority-owned. Community Revitalization: The improved building will act as a catalyst for revitalization in a low-income neighborhood. The new façade, with new first-floor windows and a main entrance fronting on Central Avenue, will communicate Newark's commitment to updating and modernizing the area. About Ellavoz Impact Capital: Ellavoz Impact Capital, LLC, (EIC) is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC's strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns. With teams in New Jersey, DC Metro, Florida and the Carolinas, Ellavoz currently has total managed and controlled assets with a value approaching $300 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion. View source version on Contacts Chris Ferrychris@ 732.616.8847
Forbes
07-05-2025
- Business
- Forbes
Why Native Communities Are The Future Of Impact Investing
In the search for the next frontier of innovation and opportunity, impact investors are increasingly looking toward Indian Country — a dynamic and under-invested market poised for transformative growth. From clean energy and regenerative agriculture to digital infrastructure and housing, Native communities are leading the way with bold, visionary projects that not only serve their people but offer scalable solutions for a changing world. At Oweesta Corporation, we've seen firsthand how Native CDFIs (Community Development Financial Institutions) are unlocking potential in tribal communities by supporting entrepreneurs, building housing, and advancing sustainable infrastructure. These are not charity-driven efforts; they are strategic investments delivering measurable returns — both financially and socially. Chrystel Cornelius speaking during 2023 Capital Access Convening in Juneau, AK. Oweesta Indian Country: A Growing Market of Opportunity Tribal nations are sovereign governments with growing economic engines. Today, Indian Country spans 574 federally recognized tribes across 35 states, generating over $130 billion in annual economic activity. And that figure doesn't even capture the full landscape of Indigenous economies — which includes state-recognized tribes, Native Hawaiian communities, and many others exercising self-determination and working toward federal acknowledgment. Yet, despite this strength, Native communities remain among the most undercapitalized populations in the U.S. Less than 0.4% of philanthropic funding and an even smaller fraction of investment dollars reach Native-led initiatives. That dynamic is beginning to shift. New investment models — rooted in Native leadership, sovereignty, and community-driven priorities — are reshaping what it means to invest in Indigenous economies. Through partnerships with values-aligned investors like Tamalpais Trust and philanthropic funders like the Northwest Area Foundation, Native communities are building energy sovereignty, supporting Native farmers and ranchers, expanding broadband access, and creating culturally grounded financial education programs. As Nikki Foster from the Northwest Area Foundation notes: 'Native CDFIs have a proven and successful model for building opportunity in Indian Country. Because they understand the unique assets and the traditional values of Native communities, they can provide pathways for entrepreneurs in ways that grow businesses and employment, even in places without a main street or a bank. And, they have the numbers to back this up. This approach builds healthy tribal and regional economies for the benefit of all.' 'Indian Country is rich with innovation, resilience, and opportunity. For too long, we've lacked access to capital — but that's changing,' says Chrystel Cornelius, President and CEO of Oweesta Corporation. Indigenous Innovation for a Sustainable Future The economic growth emerging from Indian Country is deeply tied to cultural preservation and environmental stewardship. Native entrepreneurs are leading solar and wind projects that restore ancestral lands, launching technology ventures that connect rural communities, and expanding food systems that prioritize health and sustainability. In fact, many of the industries that define the future — clean energy, regenerative agriculture, and climate resilience—are rooted in Indigenous knowledge systems. That makes Indian Country not just a market to watch, but a wellspring of leadership and innovation the world urgently needs. 'When you invest in Native communities, you're investing in time-tested, sustainable approaches that have served our people — and this planet — for generations,' adds Cornelius. A Better Return: Long-Term Prosperity for All Investing in Native communities creates ripple effects far beyond tribal lands. According to Oweesta's recent impact analysis, every dollar invested in Native CDFIs generates over $2.38 million in local economic impact — fueling job creation, supporting small businesses, increasing homeownership, and building generational wealth. In addition to social outcomes, investments in Native financial institutions show strong financial performance: low default rates, high portfolio recovery rates, and competitive internal rates of return (IRR) for patient capital vehicles. 'Native CDFIs are more than lenders — we are weavers of prosperity, resilience, and self-determination,' says Cornelius. Chyrstel Cornelius, CEO of Oweesta and Ronald Milsap, Director, U.S. Zero Barriers to Business with BMO during the awards ceremony at Oweesta's 2024 Capital Access Convening in Santa Ana Pueblo, NM. BMO was a sponsor for Oweesta's Capital Access Convening. Sam Levitan Photography From Philanthropy to Partnership Funders and investors are moving away from traditional charity models toward partnership-based approaches — ones that trust Native organizations to lead. This shift includes providing unrestricted funding, investments paired with equity, patient capital, and long-term commitments grounded in relationship, accountability, and respect for sovereignty. At Oweesta, we work alongside partners who understand that economic justice for Native people is not a peripheral issue — it's central to building a stronger, more inclusive economy. We have seen firsthand the transformational power of capital aligned with culture, vision, and community priorities. As Shannon Ward, Chief Lending Officer at Oweesta, affirms, 'At Oweesta, we see firsthand how investments in Native CDFIs transform lives, create sustainable growth, and build generational wealth. We are not just funding projects, we are empowering communities to thrive and lead the way toward a more inclusive and sustainable future.' The Time is Now Indian Country is no longer a hidden market — it's a hot market. With the right investments, tribal nations are poised to lead in shaping a just, sustainable future for all. For investors seeking real impact, resilience, and meaningful growth, the opportunity is clear: Partner with Native communities. Fund Native-led solutions. Build the future we all deserve. This is a content marketing post from a Forbes EQ participant. Forbes brand contributors' opinions are their own.
