CDFI Community Investment Fund
First established in 2017 with an investment from Woodforest National Bank, the CDFI Community Investment Fund (CCIF) expanded in 2021 with an additional $8.8 million, which included a new $5 million commitment from Woodforest National Bank and $3 million from new partner American Express National Bank.
American Express National Bank joined the Fund through the recruitment efforts of Woodforest, who aimed to increase the overall impact of CCIF by encouraging like-minded institutions to invest in the Fund. The capital is being deployed to CDFIs in equity equivalent (EQ2) investments, which provides patient capital that CDFIs can leverage to finance small businesses, affordable housing, and other community development projects.
Priorities of the fund include CDFIs serving people of color, CDFIs led by people of color, and/or CDFIs serving the banks’ footprint in the following states.
- New Mexico
- New York
- North Carolina
- South Carolina
- West Virginia