Financial First Responders and Recovery Partners
From the very beginning of the COVID-19 pandemic, CDFIs worked to offset the looming economic threat to low-income communities. Many CDFIs proactively reached out to their borrowers with accommodations to help ease economic disruption. Offering principal and interest payment deferrals, emergency loans, loan modifications, and other emergency responses or new products, CDFIs helped clients survive and begin to recover from the crisis.
CDFIs were quick to act because our industry has deep experience leaning in during times of crisis. In the aftermath of natural disasters, 9/11, the 2008 economic downturn, and more, CDFIs were financial first responders helping individuals, businesses, and communities.
We can weather times of economic uncertainty through a combination of strong balance sheet management, deep ties with our local communities, and public and private sector partnerships.