CDFIs indicated a widespread influx of new customers, strong funding streams throughout the pandemic, and generally positive current financial states, according to results of the Federal Reserve 2021 CDFI Survey, fielded March 22 through May 14.
Nearly all CDFIs that provided client information indicated they took on new clients since March 2020. Respondents noted trends in new clients that were directly tied to COVID-19 pandemic funding, including those seeking access to pandemic financial assistance programs, and those seeking technical assistance for loan and grant applications.
“Last year, our special COVID-19 CDFI Survey revealed that CDFIs were concerned about their ability to respond to the COVID-19 pandemic financially,” said Christy Cleare, community affairs officer at the Federal Reserve Bank of Richmond. “This year’s survey indicates that respondents took on more clients during these unprecedented times and funding streams were generally responsive to CDFIs’ needs.”
See the Federal Reserve’s full news release.