Economic Justice Fund Certified as a Community Development Financial Institution
Sacramento, Calif. (January 21, 2022) – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) certified the Economic Justice Fund as a Community Development Financial Institution–or CDFI.
In order to become a certified CDFI, an organization must demonstrate that it is a mission-driven financial institution dedicated to providing financial services to meet the needs of economically disadvantaged individuals in underserved communities. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions.
“Achieving CDFI certification is a significant milestone for the Economic Justice Fund and one that we’ve been working towards since we began lending in 2020,” said Scott Berman, president of the Economic Justice Fund’s governing board. “We have built a strong foundation for growth, and CDFI certification will enable us to unlock new resources to support low-income borrowers.”
Access to affordable financial products and services is a staple of economically sound communities. Yet at least one-quarter of American households are underbanked and rely on costly payday or predatory lenders. In recent years, the lack of access to fair and affordable loans has led to the increased need for alternative and reliable sources of financing. CDFIs fill these gaps by offering responsible financial products and services that meet the unique needs of economically underserved communities.
The Economic Justice Fund is guided by the belief that it should be the function of a mission-driven CDFI to serve borrowers who are truly underserved, and we are committed to dedicating our time, energy, and expertise to generating economic opportunity in the communities we serve.
About the Economic Justice Fund
The Economic Justice Fund is a mission-driven, nonprofit financial institution dedicated to providing fair, affordable financing and free credit building services to empower borrowers to realize their dreams. Our loans have low fixed rates, no application fees, no origination fees, no servicing fees, and no prepayment fees. We also offer flexible terms and flexible underwriting to meet the needs of a wide range of borrowers. For more information, visit www.economicjusticefund.org.