Torrington Savings Bank’s Post

Community Development Financial Institutions (CDFIs) are specialized organizations that provide financial services to underserved communities. In Maryland, CDFIs like FSC First offer loans, investments, and financial counseling to help Black and Minority-owned businesses grow and thrive. These institutions play a vital role in providing access to capital for businesses that may face challenges with traditional financing. Have a question about CDFIs? Drop them below or DM us, and keep an eye out for future posts to learn more about CDFIs and their impact on the business community! #CDFIs #BusinessFinances #SmallBusiness #BusinessFunding #BusinessLoan

A new report from MassINC Policy Center and P2 Advisors LLC finds that Massachusetts' community finance sector — including federally certified CDFIs and CDCs— more than doubled its financing to small businesses in recent years. However, it trails behind other states and will struggle to sustain growth as federal funding wanes. The analysis draws on a detailed survey of the 22 CDFIs and CDCs, including Mill Cities Community Investments. According to Glynn Lloyd, the Executive Director of Mill Cities Community Investments, these new research findings really underscore the potential: "With additional funding, there's an even bigger bang for the buck here in Massachusetts, because CDFIs are the gift that keeps giving. When our customers pay us back, CDFIs continually recirculate those funds and lend them back into the most needed areas. That cycle helps drive growth for small businesses, while at the same time ensuring our commonwealth achieves greater equity." Access report here - https://rb.gy/a3r2hl

Credit unions are stepping up. With our support, you're not just meeting member needs—you're making deep connections in the community. From education programs to partnerships with financial advisors, a collaborative approach can help you meet the changing needs of your members and strengthen community ties. Christopher Cassidy shares how we can help → https://bit.ly/3zCAv2e

As seen in American Banker (https://ow.ly/LcJ750SogA0), “After a huge infusion of capital from the Treasury Department, community development financial and minority depository institutions needed deposits. A lot of deposits. So, they banded together to create a program for socially minded investors seeking to make an impact while ensuring their funds are safe.” Learn how your deposits can make a difference>> https://lnkd.in/dJi6ZhuE #ACTDepositProgram

Join me and Andrew J. Troup on April 23rd for a free webinar as we discuss trends in CSR and the impact of the new CRA final rule on community engagement.

Talking about money has been considered taboo for too long, but this mindset could be doing us a disservice. After all, it’s not what you say but how you say it. On the last day of America Saves Week, we encourage you to talk to your family members - from kids to older generations- about your money story, goals, and the importance of saving and using credit wisely. Check out these tips to get started! https://bit.ly/3PrDkZ4 #mbcu #massbaycreditunion #bostonma #everettma #quincyma #peoplehelpingpeople #asw2024 #savingatanyage #americasavesweek

Learn more about Mission Valley Bank!

"Among the key issues addressed in the discussion were the funding levels for the Community Development Financial Institutions (CDFI) Fund, credit card interchange fees, affordable housing lending, small business lending, and the imperative of providing financial services to underserved communities." Story:

🌟 New MassINC and P2 Advisors LLC Report 🌟 As an emerging CDFI, BII participated in this new report that shines a light on the vital role of community capital in Massachusetts. The Commonwealth boasts a thriving community finance sector dedicated to empowering underserved communities and fostering economic inclusivity. With nearly 100 community finance institutions statewide, including 31 federally certified CDFIs and 65 state-certified CDCs (with overlap), these organizations are pivotal in addressing financial gaps across small businesses, housing, and community facilities. Report: https://lnkd.in/eV9mqsbt 📊 Key Findings from the Report: • The sector primarily supports entrepreneurs and small businesses, crucially aiding those from historically underserved groups. • CDFIs face challenges with funding, limiting their reach. • Recent years have seen significant growth, with small business financing doubling from $17.6 million to over $38 million by 2023. 🚀 Strategic Recommendations for Growth: • Increase funding support through state grants, a dedicated CDFI fund and philanthropy. • Increase deployment of alternative financing like lines of credit, revenue-based financing and equity-like investments • Expand CDFI reach through marketing and partnerships with BSOs and banks. Massachusetts' CDFIs and CDCs have a profound opportunity to amplify their impact to help build community wealth. Capitalizing CDFIs is a sure way to empower more small businesses and drive equitable economic growth across the Commonwealth! #CommunityFinance #CommunityCapital #EconomicDevelopment #CDFIs #MassachusettsEconomy #InclusiveGrowth

What all goes into making a successful budget? We worked through our wants/needs, expenses/debt and most importantly, our goals. It was another successful day with Community Building Institute Middletown, Inc. First Financial Bank #financialfreedom #financialliteracy