Second Annual CDFI Coalition Day

On April 30, 2024, I attended the second annual MN CDFI Coalition Day at the Minnesota State Capitol with colleagues from CDFIs across the state.

For those who don’t know, CDFIs – Community  Development Financial Institutions –provide access to capital to underserved communities, such as low-income, rural, and tribal areas, and Black people, Indigenous people, and people of color. CDFIs offer a range of financial products and services, such as loan capital, technical assistance, and financial education. You can read our blog about what it means to be a CDFI here.

I enjoy the CDFI Coalition Day at the capital because it is a great opportunity to learn from and connect with other CDFI staff as well as to meet with state officials and lawmakers who have a role in shaping the policies and programs that affect our work. At Propel, we are dedicated to moving capital into the communities that need it the most, and our team is always looking for ways to improve our impact and reach. Learning from the other CDFIs in Minnesota and imagining how we can partner and support one another in our shared vision of creating more equitable and prosperous communities is an essential part of the day.

What Happened at the CDFI Coalition Day

The CDFI Coalition Day, hosted by the Minnesota Consortium of Community Developers (MCCD), Habitat for Humanity of Minnesota, and the MN CDFI Coalition, was packed with informative and engaging sessions and opportunities to network and advocate. Here are some of the highlights of the day:

• We got to hear legislative updates from the advocacy and policy directors of MCCD and Habitat for Humanity of Minnesota, who gave us an overview of the current legislative session and the key issues and bills that affect CDFIs and community development. They also shared some of the recent legislative wins for the coalition, such as Homeownership Investments Grants, a First-Generation Homebuyer Downpayment Assistance Fund, a Community Wealth Building Grant Program, and Small Business Partnership Program.  You can find more details about these and other policy achievements in this factsheet.
• A  panel discussion with three state agency leaders: DEED Commissioner Matt Varilek, Minnesota Housing Deputy Commissioner Rachel Robinson, and Minnesota Housing Assistant Commissioner Kayla Schuchman. They shared their perspectives on the role and value of CDFIs in Minnesota’s economic and housing landscape and answered our questions about the opportunities and challenges for CDFIs in accessing and deploying state funds. They also expressed their appreciation and support for the work of CDFIs and the CDFI Coalition and encouraged us to continue the dialogue and collaboration with them and their staff.

What I’m taking away from the day

I’m grateful to MCCD and the other coalition members for organizing and hosting this event. It is inspiring to hear how CDFIs across the state are helping small businesses, nonprofits, and the communities they serve and support access to capital from federal and state funding sources. I’m looking forward to continuing the work and the partnership with the CDFI Coalition, and to connecting with my colleagues to work together to make our work more visible and increase our impact.

To learn more about the Coalition, read our fact sheet. The lending team at Propel is always available to talk more about CDFIs or financing needs for nonprofit organizations.