While it is clear CDFIs are a critical solution to finance underserved businesses, recent research reported by NYU Stern suggests FinTech lenders played a larger role in helping minority-owned businesses access PPP funding in 2020. The Biden administration, banks, and corporations have committed over $40 billion in capital to CDFIs and Minority Depository Institutions (“MDIs”) in the form of grants and low cost debt. While CDFIs and community lenders have existed for decades, now more than ever, CDFIs are well positioned to augment their impact thanks to the unprecedented capital commitments by public and private sectors. We saw this dynamic further amplified during COVID-19 when CDFIs disproportionately helped these business communities access PPP and other forms of relief. We’ve always had an unrelenting view that CDFIs play a critical role in narrowing the capital disparity gap experienced among minority business owners. In particular, we want to thank the current and former members of our Impact Advisory Board who played a crucial role in becoming a CDFI and representing our commitment to stay accountable to our mission of expanding affordable capital and financial literacy to underbanked Latinx businesses. We want to personally thank everyone reading this community letter as you have directly or indirectly contributed to the success of this journey. This announcement culminates a three year journey in becoming a CDFI.
We are the first national CDFI powered by artificial intelligence, coined as a “neo-CDFI,” focused on lending to underbanked businesses. Today we’re proud to announce that Camino Financial was certified as a national Community Development Financial Institution (“CDFI”) by the U.S.
Since founding Camino Financial, we finally found a word that sums up our mission, unique capabilities, and broader vision: neo-CDFI.Ĭlick here for launch video and here for press release.
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