CDFI INSTITUTE MARCH 8, 2022 - HOSTED VIRTUALLY 11:00 AM - 6:15 PM ET
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CDFI INSTITUTE
MARCH 8, 2022
CONFERENCE PROGRAM
HOSTED VIRTUALLY
11:00 AM - 6:15 PM ET
CDFI.ORG
CONFERENCE SPONSORS
PLATINUM
SUPPORTER
GOLD SILVER
SPONSOR SPONSORS
BRONZE
SPONSORS
INSTITUTE SPONSORS
CONTRIBUTORS
TABLE
OF CONTENTS
1 CONFERENCE SPONSORS 27 2022 CDFI FACT SHEET
3 AGENDA 29 FY23 APPROPRIATIONS
REQUESTS
7 KEYNOTE BIOGRAPHIES 34 CDFI FUND BUDGET
14 PANELIST BIOGRAPHIES 35 BOARD MEMBERS
CONFERENCE
AGENDA
2022
11:00 AM WELCOME & John Holdsclaw IV
OVERVIEW CDFI Coalition President
11:10 AM OPENING Kevin Goldsmith
REMARKS Managing Director, Community Development
Tax Credits & Intermediaries Lending at
JPMorgan Chase
11:15 AM KEYNOTE Isabella Casillas Guzman
ADDRESS 27th Administrator, U.S. Small Business Administration
Introduction by Teresa Montoya, GECU
11:35 AM KEYNOTE Jodie Harris
ADDRESS Director, CDFI Fund, U.S. Department of the Treasury
Introduction by Ceyl Prinster, Colorado Enterprise Fund
11:50 AM PANEL Insight and Priorities from the CDFI Fund
DISCUSSION U.S. Department of the Treasury CDFI Fund staff will
discuss updates about the CDFI Fund’s programs and
initiatives, including the status of funding rounds,
compliance, reporting requirements, and data
collection.
Moderator: Ceyl Prinster, CEO & President
Colorado Enterprise Fund
Panelists:
Michelle Dickens – Program Manager, Office of
Certification Policy and Evaluation
Candace Herring – Acting Program Manager, CDFI
Program & NACA Program
Tanya McInnis – Program Manager, Depository
Institutions Initiatives
Andrew Schlack – Program Manager, Capital Magnet
Fund
Marcia Sigal – Deputy Director for Policy and
Programs
PAGE 3
CONFERENCE
AGENDA
2022
1:00 PM PANEL Legislative Outlook Panel
DISCUSSION This panel will discuss the current legislative landscape,
including appropriations and tax. Attendees will also
hear the latest on the Coalition's policy and priorities for
2022, 2023 & Build Back Better.
SESSION
Moderator: Bob Rapoza, Rapoza Associates
IS CLOSED
TO THE Panelists:
PRESS Beth Cooper – Senate Committee on Banking,
Housing and Urban Affairs
Matt Gomez – House Small Business Committee
Justin Pelletier – Senate Small Business and
Entrepreneur Committee
Glen Sears – House Financial Services Committee
1:45 PM BREAK
2:00 PM PANEL CDFIs & Racial Equity in Action
DISCUSSION As the world continues its reckoning with racial equity,
how are CDFIs advancing their equity, diversity, and
inclusion efforts both in their organizations and the
communities they serve? This panel will highlight the
national and local initiatives working to address racial,
social, and economic justice and how these efforts can
be replicated at the board, executive, and staff level.
Moderator: John Holdsclaw IV
CDFI Coalition President
Remarks from: Janis Bowdler, Counselor for Racial
Equity, U.S. Department of Treasury
Panelists:
Lauren Counts – Head of National Programs, Capital
Impact Partners
Shannan Herbert – EVP & Chief Credit Officer, City
First Bank, member of “Underwriting for Racial
Justice” working group
Joyce Pisnanont – Deputy Director, National Coalition
for Asian Pacific American Community Development
PAGE 4
CONFERENCE
AGENDA
2022
3:00 PM KEYNOTE Congresswoman Maxine Waters (CA-43)
ADDRESS Chairwoman of the House Financial Services Committee
Introduction: John Holdsclaw IV, CDFI Coalition President
& EVP Strategic Initiatives, National Cooperative Bank
3:15 PM BREAK
3:30 PM KEYNOTE Noel Poyo
ADDRESS Deputy Assistant Secretary for Community
Economic Development, U.S. Department of Treasury
Introduction: Jennifer Vasiloff, Chief External Affairs
Officer of Opportunity Finance Network
3:45 PM PANEL Federal Agencies Funding and Programs
DISCUSSION The panel will focus on federal agencies, other than
the CDFI Fund, that offer resources for CDFIs,
including the Small Business Administration, the
Department of Agriculture, and the Department of
Health and Human Services through the Office of
Community Services.
Moderator: Hank Helton, Executive Vice President
and Chief Stakeholder Officer, Pathway Lending
Panelists:
Rafael Elizalde – Community Economic
Development & Rural Development Programs
Branch Chief, U.S. Department of Health and
Human Services
Adair Morse – Deputy Assistant Secretary of
Capital Access, Office of Domestic Finance, U.S.
Department of Treasury
Dr. Karama Neal – Administrator, Rural Business
Cooperative Service, U.S. Department of
Agriculture
Daniel Upham – Chief, Microenterprise
Development Division, Office of Financial
Assistance, U.S. Small Business Administration
4:30 PM KEYNOTE Senator Tina Smith (D-Minnesota)
ADDRESS Senate Committee on Banking, Housing, & Urban Affairs
Chair, Housing & Community Development Subcommittee
Introduction: Frank Altman, Founder & CEO, Community
Reinvestment Fund, USA
PAGE 5
CONFERENCE
AGENDA
2022
4:45 PM KEYNOTE Congressman Mike Quigley (D-Illinois)
ADDRESS House Appropriations Committee; Chair, Subcommittee
on Financial Services and General Government
Introduction: Saurabh Narain, President & CEO, National
Community Investment Fund
5:00 PM KEYNOTE Senator Chris Van Hollen (D-Maryland)
ADDRESS Senate Appropriations Committee
Chair, Financial Services & General Government
Appropriations Subcommittee
Introduction: Annie Donovan, VP and Chief Operating
Officer at Local Initiatives Support Corporation and former
Director of the CDFI Fund
5:15 PM PANEL CDFI Activity & Private Financial Institutions
DISCUSSION As the economy recovers, CDFIs are working to ensure
that targeted communities and populations hard hit by
the health and economic consequences of the
coronavirus pandemic are not left behind. This panel
includes banks with a track record of working with
CDFIs to highlight new initiatives and ongoing efforts to
provide capital to distressed and minority communities.
Moderator: Saurabh Narain, President & CEO
National Community Investment Fund
Panelists:
Garrett Murdock – Vice President at U.S. Bancorp
Community Development Corporation
Gustavo Perez – Lead Social Impact & Sustainability
Specialist, Small Business Growth Philanthropy,
Wells Fargo Social Impact & Sustainability
Thurman “Tony” Smith – Community Development
Banking Territory Executive, PNC
Nicole Williams – Executive Director, Senior
Commercial Banker, Intermediaries Lending,
JPMorgan
6:15 PM CLOSING John Holdsclaw IV, CDFI Coalition President
REMARKS Bob Rapoza, Rapoza Associates
6:15 PM ANNUAL Membership of the CDFI Coalition
BUSINESS Meeting Materials:
MEETING https://cdfi.org/wp-content/uploads/2022/03/2022-CDFIC-
Annual-Meeting-Packet.pdf
PAGE 6
KEYNOTE SPEAKERS
Isabella Casillas Guzman
27TH ADMINISTRATOR
U.S. SMALL BUSINESS ADMINISTRATION
Isabella Casillas Guzman serves as the 27th Administrator of the U.S.
Small Business Administration and represents the more than 32.5
million U.S. small businesses. She is committed to helping small
business owners and entrepreneurs start, grow and be resilient.
A lifelong proponent of small businesses, Guzman grew up as the
daughter of a small business owner and learned at a young age how
important small businesses are to the communities they serve, the
people they employ, and the economies they help power.
Administrator Guzman previously served as Director of the California
Office of the Small Business Advocate, a position she held after being
appointed by Governor Gavin Newsom in April 2019. In that role, she
served as the voice of small businesses and innovative startups in the
5th largest economy in the world. She administered and advocated
for programs and initiatives to help small businesses access capital,
markets, and networks for stronger outcomes., connecting
entrepreneurs in every community with the resources needed. As the
economic recovery support function coordinator for the state, she
focused on resilience and most recently worked to help small
businesses access relief during the COVID-19 pandemic.
In California, Administrator Guzman oversaw a network of small
business centers focused on expanding assistance to underserved
business groups. She launched new public private partnerships and
collaborated to deliver cutting edge resources to small businesses,
including through initiatives like Get Digital CA to increase technology
and e-commerce adoption and Source Diverse Source Local to strength-
en supply chain readiness. She advocated fiercely for financial relief for
small businesses, leading to the expansion of state supported lending
and the largest COVID-19 grant relief program in the nation at over $2.5
billion. Guzman's office launched the Entrepreneurship Task Force to
serve as a bridge to small businesses and create content and programs
to help strengthen the competitiveness of startup and small firms.
Administrator Guzman has previously served in leadership at the SBA
as the agency’s Deputy Chief of Staff and Senior Advisor during the
Obama-Biden Administration, where she oversaw policy and new
program implementation. She was a small business entrepreneur
herself, and an advisor to fellow founders including in accelerating
technology commercialization and in helping small business
contractors leverage the federal marketplace. Administrator Guzman
earned a Bachelor of Science from the University of Pennsylvania
Wharton School of Business.
PAGE 7
KEYNOTE SPEAKERS
Jodie Harris
DIRECTOR, CDFI FUND
U.S. DEPARTMENT OF THE TREASURY
Jodie Harris is the Director of the U.S. Department of the Treasury's
Community Development Financial Institutions Fund (CDFI Fund).
The CDFI Fund generates economic growth and opportunity in
some of our nation's most distressed communities. By offering
tailored resources and innovative programs that invest federal
dollars alongside private sector capital, the CDFI Fund serves
mission-driven financial institutions that take a market-based
approach to supporting economically disadvantaged
communities.
Jodie has worked in both the public and private sectors for over
25 years. Following her start as a commercial real estate and
community development credit analyst, Jodie served as president
of a small non-profit consulting firm providing technical assistance
and education to small businesses and entrepreneurs. She spent
several years in the Strategy and Business Architecture division of
Accenture, LLC, working with a range of clients including financial
institutions, nonprofits, and technology companies. Jodie has
extensive experience in policy research and worked as a policy
analyst with New York University's Institute for Education and
Social Policy, and with the U.S. Department of Agriculture where
she focused on low-income food programs.
Jodie joined Treasury in 2007 as an Associate Program Manager
with the CDFI Fund, and later served as Senior Advisor to the
Director of the CDFI Fund. During her time with Treasury, she has
managed grant programs and developed legislative and policy
proposals for a wide range of issues with a focus on access to
capital, community development banking, and financial inclusion.
Most recently, as the Director of Treasury's Office of Small
Business, Community Development and Affordable Housing
Policy, Jodie led a team of policy analysts in the development of
policies and programs that support community and economic
development nationwide.
Jodie originally hails from Philadelphia and completed her
undergraduate studies at the University of Maryland. She holds a
MBA and MPA from New York University.
PAGE 8
KEYNOTE SPEAKERS
Congresswoman Maxine Waters
CHAIRWOMAN OF THE HOUSE FINANCIAL
SERVICES COMMITTEE
Congresswoman Maxine Waters is considered by many to be one
of the most powerful women in American politics today. She has
gained a reputation as a fearless and outspoken advocate for
women, children, people of color and the poor.
Elected in November 2020 to her sixteenth term in the U.S. House
of Representatives with more than 70 percent of the vote in the
43rd Congressional District of California, Congresswoman Waters
represents a large part of South Los Angeles.
Congresswoman Waters made history as the first woman and first
African American Chair of the House Financial Services
Committee. An integral member of Congressional Democratic
Leadership, Congresswoman Waters serves as a member of the
Steering & Policy Committee and is the Co-Chair of the bipartisan
Congressional Task Force on Alzheimer’s Disease. She is also a
member of the Congressional Progressive Caucus, and member
and past chair of the Congressional Black Caucus.
Congresswoman Waters has led congressional efforts to mitigate
foreclosures and keep American families in their homes during the
housing and economic crises, notably through her role as
Chairwoman of the Subcommittee on Housing and Community
Opportunity in the previous two Congresses. She authored the
Neighborhood Stabilization Program, which provides grants to
states, local governments and nonprofits to fight foreclosures,
home abandonment and blight and to restore neighborhoods.
Through two infusions of funds, the Congresswoman was able to
secure $6 billion for the program.
She attended California State University at Los Angeles, where she
earned a Bachelor of Arts degree. She began her career in public
service as a teacher and a volunteer coordinator in the Head Start
program.
PAGE 9KEYNOTE SPEAKERS
Noel Andrés Poyo
DEPUTY ASSISTANT SECRETARY FOR COMMUNITY
ECONOMIC DEVELOPMENT, U.S. DEPARTMENT OF
THE TREASURY
Noel Andrés Poyo most recently served for fourteen years as
Executive Director of the National Association for Latino
Community Assets Builders (NALCAB), a non-profit membership
organization that is the hub of a network of more than 120
community and economic development organizations that serve
geographically and ethnically diverse Latino communities. Since
2015, he concurrently served as CEO of Escalera Community
Investments, NALCAB’s subsidiary asset management company,
which controls social investment funds designed to capitalize
affordable housing projects and small businesses.
Poyo’s 22-year career has focused on integrating low-income
people and immigrants into mainstream financial services and real
estate sectors of our economy as well as improving the livability
and economic resilience of low-income neighborhoods and
affordable housing communities. He has played diverse roles in
the implementation of community development projects valued
over $1 billion.
From 2015 to 2017, Poyo served as one of 15 members of the
Community Advisory Council for the Board of Governors of the
Federal Reserve System. He has extensive experience advising the
executive leadership of some of our nation’s largest banks as well
as numerous nonprofit lenders and social investors. A graduate of
Yale University, Poyo is bicultural and bilingual.
PAGE 10KEYNOTE SPEAKERS
Senator Tina Smith (D-MN)
SENATE BANKING COMMITTEE
CHAIR, SUBCOMMITTEE ON HOUSING,
TRANSPORTATION, AND COMMUNITY DEVELOPMENT
Since coming to the Senate in 2018, Senator Smith has been a
fierce advocate for the people and communities across the state.
She has traveled the state, listened to Minnesotans, and turned
what she’s heard into laws to help the American people.
With more than 50 bills and provisions signed into law in just over
three years, her successful bipartisan record has benefited
working families, farmers, veterans, businesses, and Tribal
communities. Her work has helped make health care more
affordable and accessible, expanded much-needed broadband
services across the state, and boosted the efforts of schools and
teachers to prepare students for in-demand careers.
Since early 2020, with the nation gripped by an unprecedented
pandemic, she enacted several bipartisan measures that have
helped hard-hit families, businesses, communities, and health care
workers navigate the crisis and recover from the health and
economic fallout.
With the climate crisis upon us, she has pushed hard to transition
the nation to a clean energy future and has become a key national
player in efforts to do so.
Senator Smith serves on four Senate committees: Agriculture,
Nutrition and Forestry; Banking, Housing and Urban Affairs;
Health, Education, Labor and Pensions; and Indian Affairs. In 2021,
she was named Chair of two Senate subcommittees.
Prior to coming to the Senate, she served as Minnesota’s
Lieutenant Governor under Governor Mark Dayton, after
previously serving as Dayton’s Chief of Staff. She also served as
Chief of Staff to Minneapolis Mayor R.T. Rybak. She is a graduate
of Stanford University and earned her MBA from the Tuck School
of Business at Dartmouth College.
PAGE 11KEYNOTE SPEAKERS
Representative Mike Quigley (D-IL)
HOUSE APPROPRIATIONS COMMITTEE
CHAIR, SUBCOMMITTEE ON FINANCIAL SERVICES
AND GENERAL GOVERNMENT (FSGG)
Mike Quigley was elected to Congress to represent Illinois’ 5th
District after serving his community for more than thirty years. He
grew up in Carol Stream, IL, and worked his way through college –
first Roosevelt University, then the University of Chicago and Loyola
University Chicago. He served as a Cook County Commissioner from
1998 until 2009, where he worked to increase transparency within
the Cook County Board of Commissioners. His election to Congress
was an opportunity to take his unique style of reform-minded
politics, which Chicagoans have known for years, from Cook County
to Washington.
As a member of the House Committee on Appropriations, Mike is
using his position to prioritize investments in innovation and
Chicago-area infrastructure, which will grow the local economy and
spur job creation. He currently serves as the Chair of the
Subcommittee on Financial Services and General Government
where he is focused on continuing his efforts to protect consumers,
promote small business, and protect our financial system.
In 2015, Mike was appointed by Speaker Nancy Pelosi to serve on
the influential House Permanent Select Committee on Intelligence
(HPSCI). Representing Chicago, one of the nation’s largest cities and
a major hub for travel and commerce, Mike brings to the committee a
unique understanding of the national security challenges we face
and has championed policies that will keep America safe. His role on
the Select Committee also placed him at the center of the years-long
Russia investigation and the first impeachment of President Donald
Trump.
Mike is the co-founder and co-chair of the bipartisan Congressional
Transparency Caucus and has introduced landmark legislation that
would significantly strengthen oversight at all branches of the
federal government and utilizes 21st century technology to expand
public access to information.
Mike has established himself as a leader on many of our nation’s
most challenging and significant issues. He continues to fight for full
LGBT equality as Vice Chair of the LGBT Equality Caucus, as well as
a woman’s right to choose, and commonsense gun law reforms that
will make our communities safer.
PAGE 12KEYNOTE SPEAKERS
Senator Chris Van Hollen (D-MD)
SENATE APPROPRIATIONS COMMITTEE
CHAIR, SUBCOMMITTEE ON FINANCIAL SERVICES
AND GENERAL GOVERNMENT
Senator Van Hollen started his time in public service as a member of
the Maryland State Legislature, where he became known as a
tenacious advocate for everyday Marylanders and someone who was
unafraid to take on powerful special interests on behalf of working
people. In 2002, he was elected to represent Maryland's 8th
Congressional District. In the House of Representatives, he served as a
member of the Democratic leadership and was elected by his
colleagues to be the Ranking Member of the House Budget Committee
and protect vital interests like Social Security and Medicare.
Elected to the United States Senate by the people of Maryland in
November 2016, Senator Van Hollen is committed to fighting every day
to ensure that his state and our country live up to their full promise of
equal rights, equal justice, and equal opportunity. His top priorities
include creating more and better jobs, strengthening small businesses,
and increasing educational and job training opportunities for
individuals of all ages and in every community.
Senator Van Hollen is a graduate of Swarthmore College, the John F.
Kennedy School of Public Policy at Harvard University, and
Georgetown University Law Center where he attended night school.
OPENING REMARKS
Kevin Goldsmith
J.P. MORGAN CHASE BANK
MANAGING DIRECTOR, COMMUNITY DEVELOPMENT
TAX CREDITS & INTERMEDIARIES LENDING
As Managing Director for Community Development Tax Credits (CDTC)
and Intermediaries Lending at Chase, Kevin oversees a national team
that originates and structures New Markets Tax Credit and Historic Tax
Credit equity investments and debt facilities for CDFIs. His team works
with industry partners and business units throughout Chase to identify,
screen and underwrite community development projects., and are
passionate about supporting vibrant and diverse neighborhoods by
providing loans, investments and services for low- and moderate-
income families and communities across the United States. Kevin
recently served as a fellow to Leadership Greater Chicago.
PAGE 13PANELISTS
INSIGHTS AND PRIORITIES FROM THE CDFI FUND
Moderator: Ceyl Prinster
PRESIDENT & CEO
COLORADO ENTERPRISE FUND
Ceyl Prinster is President and CEO of Colorado Enterprise Fund
(CEF), an award-winning nonprofit Community Development
Financial Institution (CDFI), SBA Microloan Intermediary and SBA
Community Advantage Lender. Founded in 1976, CEF provides
access to capital and capacity-building support for small
businesses throughout Colorado to build prosperous, diverse
and equitable communities. CEF has made over $95 million in
loans to 2,600 Colorado small businesses. CEF’s loans have
impacted over 18,000 jobs and 86% of loans were made to
minority, women or low-income entrepreneurs. CEF has received
numerous awards, most recently the 2019 SBA National
Community Lender of the Year, the 2018 Martin Luther King, Jr.
Award and the 2017 Impact Catalyst Award. As the chief executive of CEF for over 30 years, Ms. Prinster
is a pioneer and national leader in community development finance. Prior to CEF, she was a commercial
loan analyst, commercial loan officer and training officer at United Bank of Denver (now Wells Fargo.)
She holds the professional designation of Chartered Financial Analyst (CFA) and is an alumnus of the
University of Notre Dame, having previously served as President of its Alumni Association.
Michelle Dickens
PROGRAM MANAGER, CERTIFICATION,
COMPLIANCE MONITORING AND EVALUATION
Candace Herring is an Associate Program Manager for the CDFI
Program and Native Initiatives for the U.S. Department of the
Treasury’s Community Development Financial Institutions Fund
(CDFI Fund). Candace contributes to the CDFI Fund’s mission to
expand economic opportunity for underserved people and
communities by overseeing the administration of the CDFI
Fund’s flagship programs – the CDFI Program and the Native
American CDFI Assistance (NACA) Program. The CDFI Program
and NACA Program, award more than $200 million to nearly 500
community development financial institutions, annually, through
a competitive application process. In her role as Associate
Program Manager, Candace is responsible for strategy and policy
development, program design and implementation, and oversees all aspects of the grants
management lifecycle. Candace has more than fifteen years of both public and private sector
experience in the areas of community development and affordable housing finance, including prior
positions with Calvert Impact Capital and Holliday Fenoglio Fowler, L.P. Candace earned a Bachelor of
Science degree in Communication Studies from New York University in 2003 and a Master of Business
Admin-istration degree from George Washington University in 2009.
PAGE 14PANELISTS
INSIGHT AND PRIORITIES FROM THE CDFI FUND
Candace Herring
ACTING PROGRAM MANAGER,
NATIVE INITIATIVES
Candace Herring is the Acting Program Manager for the CDFI
Program and Native Initiatives for the U.S. Department of the
Treasury’s Community Development Financial Institutions Fund
(CDFI Fund). Candace contributes to the CDFI Fund’s mission to
expand economic opportunity for underserved people and
communities by overseeing the administration of the CDFI Fund’s
flagship programs – the CDFI Program and the Native American
CDFI Assistance (NACA) Program. The CDFI Program and NACA
Program, award more than $200 million to nearly 500 community
development financial institutions, annually, through a com-
petitive application process. In her role, Candace is responsible
for strategy and policy development, program design and
implementation, and oversees all aspects of the grants management lifecycle. Candace has more than
fifteen years of both public and private sector experience in the areas of community development and
affordable housing finance, including prior positions with Calvert Impact Capital and Holliday
Fenoglio Fowler, L.P. Candace earned a Bachelor of Science degree in Communication Studies from
New York University in 2003 and a Master of Business Admin-istration degree from George
Washington University in 2009.
Tanya McInnis
PROGRAM MANAGER,
DEPOSITORY INSTITUTIONS INIATIVES
Tanya McInnis is the Program Manager of the Depository
Institutions Initiatives unit. As such, she is responsible for the
management of Bank Enterprise Award and Small Dollar Loan
Programs. Prior to this, she was the Program Manager of the
Certification, Compliance Monitoring and Evaluation unit and
was responsible for management of the CDFI Fund’s certification
program, compliance reporting, and monitoring functions.
Previously, Ms. McInnis served as Senior Advisor to the Deputy
Director at the CDFI Fund where she advised and supported the
Director and Deputy Director for Finance and Operations, and
planned, directed, coordinated, and evaluated the day-to-day
administrative, financial, and operational activities for the
organization. Her areas of responsibility included policy development and implementation, strategic
planning, budget development, internal controls, and enhanced business operations and award
programs. Prior to joining the CDFI Fund, Ms. McInnis was the owner and operator of a private
consulting practice for affordable housing and community and economic development organizations.
She has also served as a vice president at Opportunity Finance Network and senior manager at Fannie
Mae, First American Bank (currently Wells Fargo Bank), and Fidelity Investments. Ms. McInnis received
a B.A. degree in sociology from the University of Virginia.
PAGE 15PANELISTS
INSIGHT AND PRIORITIES FROM THE CDFI FUND
Andrew Schlack
DEPUTY DIRECTOR FOR POLICY
AND PROGRAMS
Andrew Schlack currently serves as the Program Manager for the
Capital Magnet Fund at the Community Development Financial
Institutions Fund. He previously served as the Acting CDFI
Program and NACA Program Manager, joining that Program in
April 2017. Prior to joining the CDFI Fund, Mr. Schlack was
Director of Investments at Calvert Impact Capital (formerly
Certified CDFI known as Calvert Foundation) where he managed a
team of five domestic finance professionals overseeing a portfolio
of roughly $120 million invested directly into CDFIs, affordable
housing developers, and other social enterprises. Prior to this, he
served as a Program and Loan Officer with the Greater Minnesota
Housing Fund (GMHF), where he helped launch the Minnesota
Equity Fund, oversaw GMHF’s state-wide foreclosure recovery initiative, and assembled capital to
support neighborhood stabilization efforts. Mr. Schlack holds a Master of Architecture, as well as a
Master of Urban and Regional Planning from the University of Minnesota’s Hubert H. Humphrey
School of Public Affairs.
Marcia Sigal
DEPUTY DIRECTOR FOR POLICY
AND PROGRAMS
Marcia Sigal is the Deputy Director for Policy and Programs for the
CDFI Fund, where she oversees the efforts of all of the CDFI Fund's
award programs in support of the CDFI Fund's strategic vision.
She previously served as the Program Manager of the Capital
Magnet Fund. Prior to joining the CDFI Fund, Ms. Sigal was the
Director of the Program Policy Division for the Office of Affordable
Housing Programs in the U.S. Department of Housing and Urban
Development. Ms. Sigal's expertise as a community development
policy analyst and innovator served her well as the Director of
Community and Economic Develop-ment at the Council of State
Community Development Agencies, an Affordable Housing Policy
Analyst for the National Association of Housing and Redevelop-
ment Officials (NAHRO), and Management Analyst at the Fairfax, VA Department of Housing and
Community Development. In these roles, Ms. Sigal has shaped national outcome measurement
metrics for community development programs, designed and launched new community development
and affordable housing policies and programs, and developed capacity building and technical
assistance programs for non-profit organizations as well as state and local governments. She has a
Master's Degree in City Planning from the Massachusetts Institute of Technology and attended
Cornell University, where she studied community services and social work.
PAGE 16PANELISTS
LEGISLATIVE OUTLOOK PANEL
Moderator: Bob Rapoza
FOUNDER & PRESIDENT
RAPOZA ASSOCIATES
Bob Rapoza has a long record of success lobbying the Congress
and federal agencies on behalf of housing, community develop-
ment and small business clients. Rapoza Associates has repre-
sented the CDFI Coalition since 2010. During that time, annual
appropriations for the CDFI have increased by over $100 million.
In 2020, on behalf of the Coalition, Rapoza launched the effort to
set aside a portion of the Paycheck Protection Program for
Community Financial Institutions (CFIS), CDFIs and other mission-
based lenders. According to preliminary data from the SBA, CFIs
made 1.3 million PPP loans totaling over $30 billion. Their average
loan size was $21,653, and nearly 40% of their loans reached
business in low- and moderate-income communities, compared
to 28% across all lending sources. Rapoza also successfully lobbied for the CDFI Rapid Response
Program that made available $1.25 billion to over 800 CDFIs for assistance to economically distressed
communities and businesses hard hit by the Coronavirus pandemic. He has been recognized in The Hill
as a Top Lobbyists for the last four years and profiled in The Washington Post, and in the authoritative
Beacham's Guide to Key Lobbyists.
Beth Cooper
SENATE BANKING, HOUSING & URBAN AFFAIRS COMMITTEE
COMMITTEE STAFF FOR SENATOR SHERROD BROWN
JANUARY 2015 - PRESENT
Matt Gómez
HOUSE SMALL BUSINESS COMMITTEE
COUNSEL FOR REP. NYDIA VELÁZQUEZ
JANUARY 2015 - PRESENT
Justin Pelletier
SENATE SMALL BUSINESS AND ENTREPRENEURSHIP
COMMITTEE DEMOCRATIC DEPUTY STAFF DIRECTOR
FOR SENATOR BEN CARDIN
MAR 2021 - PRESENT
Glen Sears
HOUSE FINANCIAL SERVICES COMMITTEE
DEMOCRATIC STAFF DIRECTOR FOR REP. GREGORY MEEKS
JAN 2019 - PRESENT
PAGE 17PANELISTS
CDFIS & RACIAL EQUITY IN ACTION
Moderator: John Holdsclaw IV
EVP, STRATEGIC INITIATIVES
NATIONAL COOPERATIVE BANK
CDFI COALITION PRESIDENT
John Holdsclaw IV serves as Executive Vice President of Strategic
Initiatives at the National Cooperative Bank (NCB) located in
Washington, DC. John is charged with establishing NCB as a
thought leader in community development and cooperative
expansion that leads to business development and solutions. Prior
to coming to NCB, John worked as Director of Policy and
Development at Capital Impact Partners, a national certified
Community Development Financial Institution (CDFI), where he
developed and implemented the organization’s public policy
strategy. He currently serves as the Board Chair of the CDFI
Coalition, and serves on the boards of Self Help Venture Fund, Charleston LDC, Global Communities,
and the ABA Stonier Graduate School of Banking. In 2019, John received NCB’s Stanley W. Dreyer
Spirit of Cooperation Award, bestowed annually to those who live and work with the spirit of
cooperative principles. In addition, John is a member of Phi Beta Sigma Fraternity, Inc. John holds a
master’s degree in Community Economic Development from Southern New Hampshire University, a
diploma from the Stonier Graduate School of Banking, a Wharton School Leadership Certificate and a
Certificate in Diversity and Inclusion from Cornell University.
Janis Bowdler
COUNSELOR FOR RACIAL EQUITY
U.S. DEPARTMENT OF THE TREASURY
Appointed in October 2021 by Secretary Janet Yellen to serve as
the Treasury Department’s first Counselor for Racial Equity, Janis
Bowdler has spent the last two decades advancing economic
equity solutions for communities of color and breaking down the
barriers that underpin the disparities in wealth and financial
security by race and gender. Her career has spanned local service,
national advocacy, and international philanthropy. Most recently
Janis served the President of the JPMorgan Chase & Co.
Foundation. Under her leadership, the firm launched several
critical initiatives that have expanded capital for entrepreneurs of
color, improved access to banking products and services,
expanded access to new job skills, and built more inclusive
neighborhoods. Janis played a critical role in developing the firm’s incremental $30 billion racial
equity commitment.
Janis has authored a number of publications on financial opportunity and economic mobility. Most
recently, she co-authored “Building Equitable Cities: How to Drive Economic Mobility and Regional
Growth” with Henry Cisneros and Jeff Lubell.
PAGE 18PANELISTS
CDFIS & RACIAL EQUITY IN ACTION
Lauren Counts
SR. DIRECTOR OF STRATEGY, INNOVATION
& IMPACT MANAGEMENT
CAPITAL IMPACT PARTNERS
Ms. Counts is Sr. Director of Strategy, Innovation and Impact
Management at Capital Impact Partners, a national community
development financial institution (CDFI). Founded in 1981,
Capital Impact Partners has generated over $2.5 billion in
investments that contribute to the health and well-being of people
at every stage of life. Ms. Counts leads strategic planning and
development of new products that generate positive social impact
and business value. Sectors include health care and education,
healthy foods, cooperatives, affordable housing and aging. She
serves on the Board of Directors of two national organizations
committed to affordable housing and homeownership: ROC USA
and Grounded Solutions Network. Previously, she was Director of Inclusive Finance at Enclude Ltd.,
where she led a multi-national team of access to finance experts across Latin America, Eastern Europe,
Asia, and Africa in the areas of small business, housing, agribusiness and clean energy finance. Over
the past 25 years, Ms. Counts has worked with commercial banks, microfinance institutions,
investment funds, non-profits, foundations, and multilateral agencies to expand access to finance for
underserved people globally. She holds a M.A. from Georgetown University’s Center for Eurasian,
Russian and East European Studies and holds the Chartered Financial Analyst (CFA) designation.
Shannan Herbert
EVP, CHIEF CREDIT OFFICER, CITY FIRST BANK
UNDERWRITING FOR RACIAL JUSTICE
WORKING GROUP
Shannan Herbert is the Executive Vice President and Chief Credit
Officer for City First Bank, a $350M Community Development
Financial Institution located in Washington DC. With more than
20+ years of experience, she has served in key leadership roles for
most of her career, leveraging her expertise to direct enterprises in
the strategic development and delivery of value-driven, user-
friendly solutions in the commercial credit and financial services
arena. Prior to joining City First, Shannan was the Senior Vice
President and Director of Loan Review for United Bank, where she
was responsible for the oversight of a $20B loan portfolio. In a
previous role with United Bank, she served as Vice President and
Credit Officer, where she improved the quality of underwriting and was responsible for reviewing and
analyzing transactions ranging from $2M to $50M. She serves as Vice Chair of the board of Beacon House,
a nonprofit organization that offers one-on-one mentoring, educational support, and sports programs for
children in the Edgewood neighborhood of Washington DC. Shannan graduated cum laude with a BBA in
Finance from Howard University and holds an MBA with a finance concentration from Loyola University
Maryland.
PAGE 19PANELISTS
CDFIS & RACIAL EQUITY IN ACTION
Joyce Pisnanont
DEPUTY DIRECTOR, NATIONAL COALITION
FOR ASIAN PACIFIC AMERICAN
COMMUNITY DEVELOPMENT
Joyce has over 15 years of experience working with Asian Pacific
Islander community development organizations, including for
several National CAPACD members in New York, California, and
Washington. Most recently, Joyce worked with Seattle Chinatown
International District Preservation and Development Authority as
the Director of IDEA Space – an economic development resource
and design center. Her previous experiences have ranged from
fund development and grants management, to advocacy and
community organizing, to establishing and growing programs that
build local leadership capacity. Joyce is a graduate of the
University of California, Berkeley’s Masters in Social Welfare
program.
PAGE 20PANELISTS
FEDERAL AGENCIES FUNDING AND PROGRAMS
Moderator: Hank Helton
EXECUTIVE VICE PRESIDENT & CHIEF
STAKEHOLDER OFFICER, PATHWAY LENDING
Hank Helton is the Executive Vice President and Chief Stakeholder
Officer of Pathway Lending, a CDFI that that increases access to
capital for underserved businesses in Tennessee & Alabama.
Pathways’ lending focuses on enterprises that are within under-
served target markets that include businesses located in Qualified
Investment Areas and African-American owned businesses, and is
one of the country’s largest non-depository CDFIs, propelling loans
and learning programs for veteran, women, minority, rural, and low-
income business owners across the Southeast. Hank has been
associated with Pathway since its inception in 1999 and involved in
a leadership role as Pathway expanded its footprint. He has also
been instrumental in the creation and launch of the Tennessee
Rural Opportunity Fund, the Tennessee Small Business Jobs Opportunity Fund, the Tennessee
Affordable Multi-family Housing Investment Fund, and the Memphis Medical District Investment Fund.
He began his financial services career at the Federal Reserve Bank of Atlanta.
Rafael Elizalde
BRANCH CHIEF
COMMUNITY ECONOMIC DEVELOPMENT &
RURAL DEVELOPMENT PROGRAMS, U.S.
DEPARTMENT OF HEALTH & HUMAN SERVICES
Rafael J. Elizalde, is the Program Manager for the Community
Economic Development Program (CED and Rural Community
Development (RCD) Programs. Over the last two and-a-half
decades, he has also led more than a dozen other federal grant
programs. Prior to coming to HHS, Mr. Elizalde served as executive
director of a non-profit helping multi-cultural, socioeconomically
diverse and incarcerated populations in the mid-Atlantic Region.
Rafael was also a division director for a large Northern Virginia
Public Library System, in charge of operations, customer service,
fleet and facilities. A former program manager, policy analyst, budget officer for the U.S. EPA. Rafael
has a combined successful broad background experience and advanced training in program
operations, administration, policy analysis, contracts and financial accountability, focusing his service
on working with economically distressed and low-income populations. A US Army veteran, Mr. Elizalde
is a graduate of the American University’s Key Executive Leadership Program and holds a Bachelor’s
from the University of the State of New York, and a Master’s of Public Administration from the
University of Puerto Rico, Graduate School of Public Administration.
PAGE 21PANELISTS
FEDERAL AGENCIES FUNDING AND PROGRAMS
Adair Morse
DEPUTY ASSISTANT SECRETARY OF CAPITAL
ACCESS, OFFICE OF DOMESTIC FINANCE, U.S.
DEPARTMENT OF TREASURY
Adair Morse, an associate professor of finance at UC-Berkeley was
appointed as Deputy Assistant Secretary of Capital Access in the
Treasury Department’s Office of Domestic Finance by the Biden
Administration in February 2021. Its community and economic
development division coordinates small business finance and
development, including $10 billion to fund the State Small
Business Credit Initiative (SSBCI). Prior to joining the Biden
Administration, she is an award-winning teacher of New Venture
Finance, Impact Investing, and Sustainable Investing. Ms. Morse
spent much of the pandemic using her finance expertise to try to
help small businesses. In 2020, she and UC Berkley colleagues
and municipal officials developed strategies using public capital to attract private lending low-interest
credit, helping vulnerable Berkeley small businesses get through the crisis. She worked with others —
including Secretary Yellen — to launch the California Rebuilding Fund, run by the Governors’ Office of
Business and Economic Development (GO-Biz) and aimed at some of the state’s smallest businesses in
under-resourced communities. Until recently, she was on the Expert Panel for oversight of the global
fund for the Ministry of Finance of Norway. She holds a Ph.D. in finance from the University of Michigan,
two Master's degrees from Purdue University, and a Bachelor’s degree from Colgate University.
Dr. Karama Neal
ADMINISTRATOR, RURAL BUSINESS
COOPERATIVE SERVICE, U.S. DEPARTMENT OF
AGRICULTURE
Prior to joining USDA Rural Development, Karama Neal served as
president of Southern Bancorp Community Partners, a nonprofit
community development loan fund and financial development
organization promoting economic mobility in rural Arkansas and
Mississippi. She spent twelve years at SBCP and led their small
business, consumer and other develop- ment lending, consumer
and savings focused public policy work, and a variety of financial
development services to help low and moderate wealth families
and communities build wealth. In 2013, Dr. Neal started a
statewide grassroots organization promoting passage of the
Uniform Partition of Heirs Property Act in Arkansas which was passed in 2015. This work was inspired
by her family’s ownership of rural heirs’ property in the state. Before her career in financial services, she
had a career in the biosciences and worked for a period in biofuels informatics with a focus on
feedstocks and balancing food and fuel priorities. For six years, Dr. Neal served on the board of the
Little Rock Branch of the Federal Reserve Bank of St. Louis. She holds a doctorate in genetics from
Emory University and a master’s in bioethics and health policy from Loyola University Chicago, in
addition to executive education in impact investing at the University of Oxford Said School of Business.
PAGE 22PANELISTS
FEDERAL AGENCIES FUNDING AND PROGRAMS
Dan Upham
CHIEF, MICROENTERPRISE DEVELOPMENT
DIVISION, OFFICE OF FINANCIAL ASSISTANCE
U.S. SMALL BUSINESS ADMINISTRATION
Daniel Upham is currently managing SBA’s Microenterprise
Development Division, including the Microloan Program, PRIME
Program, and ILP Program. He joined the SBA in October 2009 as a
Financial Analyst on the Microloan team and was promoted in April
2014 to the Deputy Chief role. In October 2014, he took his first
supervisory role at SBA as Chief for SBA’s Community Advantage
Pilot Loan Program, and in February 2015 he became the Chief for
the Microloan Program. Dan also served as the Acting Director for
the Office of Economic Opportunity from January 2018 to June
2019 when that office transitioned into the Office of Financial
Assistance. Prior to joining SBA, Dan worked on a multi-billion
dollar Federal Grants program for victims affected by hurricanes Katrina and Rita. Dan also has
experience with real estate lending, and has owned several businesses specializing in commercial
finance, including commercial aircraft leasing and general equipment leasing.
PAGE 23PANELISTS
CDFI ACTIVITY & PRIVATE FINANCIAL INSTITUTIONS
Moderator: Saurabh Narain
PRESIDENT AND CHIEF EXECUTIVE
NATIONAL COMMUNITY INVESTMENT FUND
Saurabh joined NCIF in 2003, and, under his leadership, the fund
has become the largest equity investor (in numbers) in CDFI Banks
in the country, grown assets under management to $228 million
(including $203 million in NMTC allocations) and pioneered the
development of NCIF’s Social Performance Metrics. Prior to NCIF,
Saurabh has extensive experience in capital markets and risk
management having worked at Bank of America for almost 17
years, based in Asia and the US. Towards the end of his tenure in
Hong Kong, he was Head of Marketing, Non-Japan Asia for Global
Derivative Products. He is interested in inclusive finance and the
microfinance movement in India, and has done business in 10
countries in Asia/US dealing with financial institutions, global
multinational corporations and governments. He is the current Treasurer of the CDFI Coalition, and is
involved in policy and advocacy for the industry through his memberships with the Federal Reserve
Board’s Consumer Advisory Council and the Minority Depository Institutions Advisory Council of the
Officer of Thrift Supervision. NCIF is also a member of the Investors Council of the Global Impact
Investing Network and the Strategy and Adoption Committee of the Impact Rating and Investing
System, led by the Rockefeller Foundation.
Garrett Murdock
VICE PRESIDENT, COMMUNITY FINANCE
SOLUTIONS, U.S. BANK COMMUNITY
DEVELOPMENT CORPORATION
Garrett Murdock is a Vice President on the Specialty Finance team
covering CDFIs across the country within U.S. Bank’s Community
Development Corporation (USBCDC). Over the past 30-years,
USBCDC has provided more than $40 billion in financing through
debt and equity products to community development projects
and organizations in underserved markets throughout the United
States, originating and managing a $1+ billion loan portfolio to
CDFIs, Low-Income Housing Tax Credit Syndicators, Affordable
Housing Loan Consortiums, Tax Credit-related lending products
and Patient Capital products. Garrett possesses 17 years of
Commercial Banking experience, spending the last 9-years in the
community development banking industry. Prior to joining U.S. Bank, Murdock was a Vice President at
JPMorgan Chase Bank within its Community Development Banking Department, where he spent time
underwriting and managing CDFI lending products, New Markets Tax Credit investments and Historic
Tax Credit investments. Additionally, Murdock spent time as an Underwriting Vice President with
JPMorgan Chase’s Middle Market Banking Team underwriting and managing relationships for Middle
Market clients based in Chicago, Illinois. He currently serves on the LISC Phoenix Local Advisory
Committee. Murdock received a B.A. in Finance & Marketing Management from the University of
Northern Iowa.
PAGE 24PANELISTS
CDFI ACTIVITY & PRIVATE FINANCIAL INSTITUTIONS
Gustavo Perez
LEAD SOCIAL IMPACT & SUSTAINABILITY
SPECIALIST, SMALL BUSINESS GROWTH
PHILANTHROPY, WELLS FARGO SOCIAL
IMPACT & SUSTAINABILITY
Gustavo Perez is a Lead Social Impact & Sustainability Specialist
with the Wells Fargo Foundation, one of the largest corporate
foundations in the U.S. In 2020, the Foundation accelerated
economic opportunity and success in under- served commun-ities
with a strategic focus on housing affordability, small business
growth, and financial health. Gustavo leads Small Business Growth
Philanthropy’s CDFI program. Most recently, Gustavo was Assistant
Commissioner at the New York City Department of Small Business
Services (SBS). In this role, Gustavo led SBS’s efforts create financial
opportunity for small businesses and Minority and Women-owned Business Enterprises (M/WBE).
Through the creation of innovative business resiliency and growth programs, Gustavo ensured small
businesses had the tools and resources to start, operate, and expand. Prior to joining SBS, Gustavo
worked in the CDFI Industry, leading Ascendus’s (formerly Accion) east coast markets with offices in
Miami, Boston, and New York.
Thurman "Tony" Smith
COMMUNITY DEVELOPMENT BANKING
TERRITORY EXECUTIVE, PNC
After leading PNC Bank’s community lending and investing for
Illinois, Wisconsin, Missouri, Kansas and Minnesota, Tony recently
took on the role as the division’s Territory Executive for the
Southeastern United States. His imprint on underserved
communities can be observed across the footprint where PNC is
the largest investors in CDFI’s like NortwestSide CDC (Milwaukee),
Forward Community Investments (Madison), NCIF (Chicago) and
Justine Petersen (St. Louis). Under his leadership, the bank closed
one its earliest Opportunity Zone workforce housing
developments in Sheboygan, WI with Cardinal Capital. In
Chicago, his team was the lead investor on the New Market Tax
Credit enabled Englewood Whole Foods, the new Opportunity Zone enabled Ogden Commons
development which houses Mt. Sinai’s community health practice in West Lawndale, the TIF enabled
Local Market grocer in South Shore and Pierce House in Humboldt Park which secures housing for the
homeless. Through the pandemic, Tony launched the bank’s PPP liquidity Facility program, which
offered more than $70 million in PRI’s to CDFI to enable delivery of PPP loans to very small businesses.
He graduated Summa Cum Laude from Chicago State University where he was inducted in the
school’s Academy of Distinguished Alumni. He completed his MBA at the University of Southern
California. Tony also served in the Marine Corp. where he was assigned to the Presidential Helicopter
Squadron as a White House Liaison Officer and is a recipient of the Presidential Service Medal.
PAGE 25PANELISTS
CDFI ACTIVITY & PRIVATE FINANCIAL INSTITUTIONS
Nicole Williams
EXECUTIVE DIRECTOR, INTERMEDIARIES
LENDING GROUP, J.P. MORGAN BANK
Nicole Williams is an Executive Director, Senior Commercial
Banker in the West region for J.P. Morgan’s Intermediaries
Lending team within Community Development Banking. Nicole
takes an intentional approach to lending to the top CDFIs across
the country— ensuring that their end borrowers, minority
entrepreneurs and developers, are on the path of progress. Prior
to joining Intermediaries Lending, Nicole spent five years in J.P.
Morgan’s Government Banking group, providing treasury and
credit solutions to clients in Southern California and the San
Francisco Bay area. In addition to her banking responsibilities,
Nicole served as the National Lead for Government Banking
Associates, advancing the development of junior talent in J.P. Morgan’s government banking business.
Prior to joining the firm in 2013, Nicole served as Senior Director of Economic Development for Mayor
Antonio Villaraigosa of Los Angeles, providing mayoral oversight of 13 departments that generated over
$12 billion in annual revenues and represented the economic engine of the City. Nicole has ten years of
extensive experience working with cities, counties, and municipal agencies. Nicole holds a Master of
Business Administration from the Graziadio School of Business and Management at Pepperdine
University and a Bachelor of Science in Economics from the University of Illinois at Champaign-Urbana.
PAGE 26CDFIS: INVESTING IN COMMUNITIES AND BUILDING
STRONG FOUNDATIONS FOR THE FUTURE
Community Development Financial Institutions, or CDFIs, are mission-driven financial institutions
that deliver affordable credit, development services, capital, and financial services to residents and
businesses in minority and economically distressed communities.
CDFIs emerged to provide financial services in urban neighborhoods and rural areas underserved by
traditional financial institutions, particularly those with high rates of poverty and unemployment. By
leveraging over $12 in private capital to every $1 in federal support, CDFIs are filling the yawning credit
gap encountered in many communities, creating jobs improving housing and community facilities and
creating economic opportunity.
Throughout the last economic downturn, CDFIs served as economic shock absorbers, providing flexible
and patient capital, rigorous risk management, and commitment to the projects in their communities
and the sustainability of their borrowers. While traditional borrowers fled economically distressed
communities, CDFIs stepped in and filled the void. Since the advent of the economic crisis prompted by
the pandemic, CDFIs have been on the frontlines of providing technical and financial assistance to small
and minority-owned businesses.
CDFIs fill a vital niche in the nation's financial services delivery system by serving communities and
market sectors that conventional lenders cannot - with the ultimate goal of bringing CDFI customers
into the mainstream economy as bank customers, home owners and/or entrepreneurs.
The Community Development Financial Institutions Fund (CDFI Fund) was established within the
U.S. Department of Treasury in 1994[1] to promote community development in economically distressed
urban and rural communities by investing in and growing CDFIs across the country. There are 1,264
Treasury certified CDFIs[2], and since 1994, the CDFI Fund has awarded $5.6 billion in total funding to
CDFIs. In addition to overseeing CDFI certification, the CDFI Fund administers a range of innovative
programs designed to strengthen the ability of CDFIs to provide financial products and services in
underserved communities. The CDFI Fund administers the following core programs and each program
awards funds annually through an independent and competitive application process:
→ Financial Assistance (FA) – The CDFI Fund makes FA awards to both large and small
certified CDFIs, including those financing businesses that provide healthy food options. FA
awards can be used for lending capital, loan loss or capital reserves, operations or development
services. A CDFI is required to match its FA award dollar-for-dollar with non-federal funds.
→ Technical Assistance (TA) Awards – The CDFI Fund makes TA awards of up to $150,000 to
certified CDFIs as well as emerging CDFIs, to support efforts to expand the organization’s
success and sustainability. There is no match requirement for TA awards and funds can be used
to support a variety of capacity building activities including hiring consultants or contract
services, training staff or board members.
→ The Native American CDFI Assistance (NACA) Program – The NACA Program was
launched in 2001 to encourage investing in Native Communities by supporting the creation and
expansion of Native CDFIs, which in turn help to create jobs, establish or improve affordable
housing, and provide appropriate financial services and counseling to community residents. The
number of Native CDFIs has increased from 14 in 2001 to 69 in 2021.
[1] The CDFI Fund was authorized as part of the Riegle Community Development and Regulatory Improvement Act (PL 103-325).
[2] To be eligible for CDFI certification an organization must be a non-governmental entities (with the exception of Tribal governmental entities); with a primary
mission of promoting community development; that provides both financial and educational services to one or more defined low income target markets; and is
accountable to the target market it serves. Number current as of 12/1/2021.
27 | www.cdfi.org 2022 CDFI FACT SHEET→ The Bank Enterprise Award (BEA) Program – The BEA Program provides monetary awards to FDIC
insured banks and thrifts that have increased their investment activity in communities with high rates
of poverty and unemployment. The size of a BEA award is based on how much the bank or thrift has
increased its investing in low income communities or in CDFIs. All BEA funds awarded must be
reinvested either into a distressed community or a CDFI. Since the program was launched in 1994
through 2021, the CDFI Fund has awarded $551 million in BEA grants. Over the past three years, $102.9
million in BEA awards generated $1.4 billion in additional loans and investments and $50.2 million in
additional financial services in distressed areas.
→ The CDFI Fund also administers the New Markets Tax Credit (NMTC) Program which was
authorized in 2000[3] to stimulate private investment in low-income communities. To date, the CDFI
Fund has made 1,348 allocation awards totaling $65.5 billion. To date, NMTC investments have created
over one million jobs at a cost to the federal government of under $20,000 per job. Through the 2nd
quarter of 2021, the NMTC leveraged more than $110 billion in capital investment in communities with
high rates of poverty and unemployment.
→ In addition, the CDFI Fund administers the CDFI Bond Guarantee Program[4] which was authorized
in 2010 to empower the Treasury Department to guarantee notes or bonds issued at no cost to the
federal government to support CDFI lending and investment activity. Since 2013, the CDFI Fund has
guaranteed nearly $1.7 billion in bond authority through the program.
→ The Capital Magnet Fund (CMF) is administered by the CDFI Fund and provides grants on a com-
petitive basis to CDFIs and other non-profit organizations to finance the acquisition, construction,
preservation, and rehabilitation of affordable housing projects and related economic development
efforts for low-income families and communities. CMF is authorized under the Housing and Economic
Recovery Act of 2008 and is funded by allocations from Government Sponsored Entities regulated by
the Federal Housing Finance Agency. To date, the Capital Magnet Fund has generated $20 of additional
investment for every $1 of award funding and created over 13,000 affordable homes, including more
than 11,500 rental housing units and more than 1,500 homeowner-occupied units.
CDFIS - BY THE NUMBERS
1,333 CDFIs, including 70 Native CDFIs, had been certified to work in low-wealth communities across
the country as of January 2022. These CDFIs have assets totaling over $200 billion and outstanding
portfolios of more than $150 billion.
Certified CDFIs include 572 loan funds, 433 credit unions, 139 depository institution holding
companies, 173 banks or thrifts, and 16 venture capital funds, located in rural and urban areas in all
50 states as well as the District of Columbia, Puerto Rico, and Guam.
In FY 2021, CDFI program awardees made over 4,000,000 loans or investments totaling $38.7 billion.
The average size of each loan or investment was under $10,000. CDFIs also financed nearly 50,000
affordable housing units.
CDFI impact through Paycheck Protection Program (PPP): through May 24, 2021, Community
Financial Institutions (CFIS), which include CDFIs, made 1.3 million PPP loans totaling over $30 billion
or 21% of total loans. Their average loan size was $21,653 compared to $41,560 across all lender
classes, and nearly 40% of their loans reached business in low- and moderate-income communities,
compared to 28% across all lending sources. CFI loans reached more small businesses. For example,
78% of their PPP loans went to businesses requesting less than $150,000.Moreover, 15.7% of CFI-
made loans were made to businesses in rural communities, closely keeping with the 16.6% of all
loans (some $45.5 billion) that went to rural businesses.[5]
[3] The NMTC was authorized as part of the Community Renewal and Tax Relief Act of 2000 (PL 106-554)
[4] The CDFI bond Program was authorized as part of The Small Business Jobs Act of 2010 (PL 111-240)
[5] Source: Small Business Administration “COVID Relief Paycheck Protection Program Report, Data as of 05/24/2021”
28 | www.cdfi.org 2022 CDFI FACT SHEETYou can also read
