INDIANAPOLIS (WISH) — A problem for small businesses in underinvested communities is access to capital. Funding from Community Development Financial Institutions, known in the business sector as CDFIs, plays an important role in generating economic growth and opportunity in these communities.
In today’s Access to Capital segment, Dr. David Hampton, Executive Director of LISC Indianapolis, explains what CDFIs are and why they were created.
CDFIs provide capital and financial services to businesses that are often overlooked in underinvested communities.
Hampton says that before contacting LISC Indianapolis about CDFI financing, you must be prepared with a business plan, your personal credit must be in good standing, and you must be financially stable for your business to be sustainable.
Hampton recommends seeking out community partners with the resources to improve your business, products, or services, as these resources can help secure CDFI funding.
LISC Indianapolis wants to help improve neighborhoods and community economic resilience. They can provide services such as credit enhancement, technical assistance and capacity building. Learn more about LISC Indianapolis here.
More information on CDFI funding can be found here.
This information is presented by Dr. David Hampton.