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CDFI Ecosystems and Alternate Forms of Lending
| Date: | Aug 24, 2020 |
| Author(s): | Milena Saakyan |
| Topic(s): | Economic Development: High Road Economic Development |
| Type: | Report |
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Community Development Financial Institutions (CDFIs) are entities whose main charge is delivering responsible and affordable lending for low income and other disadvantaged people. This brief explores what CDFIs look like across markets in Detroit, Buffalo, Syracuse, and Rochester as well as noting lack of public awareness for these institutions. CDFIs both combat the harm done by predatory lenders and offer alternative lending solutions.
This series on Predatory Lending was undertaken by Ryan Aguilar and Milena Saakyan for Westminster Economic Development Initiative (WEDI) while completing Cornell High Road Fellowships in Summer 2020. This collection aims to expose the deceptive practices of predatory lenders which disproportionately impacts people of low income and minority status as well as highlight the counter measures that Community Development Financial Institutions (CDFIs) take to ensure equitable lending.
Resources include:
Repudiated: “Unbankable” Business Owners
Predatory Lenders: Avoiding Scams and Unethical Lending Practices
CDFI Ecosystems and Alternate Forms of Lending
Analysis of Predatory Lending in New York: From Origins to Interviews
Community Development Financial Institutions vs. Predatory Lending in Buffalo, NY