Last week the NYS CDFI Coalition sent this note to Senator Charles Schumer:
Thank you for your leadership in introducing the Jobs and Neighborhood Investment Act. We applaud your efforts to make a new $17.9 billion investment in low-income and minority communities that have been hit so hard by the COVID-19 crisis.
Members of the NYS CDFI Coalition saw the need in our communities and responded quickly. As mission-driven lenders, we have committed to meeting the most urgent needs of our clients while positioning these small and minority-owned businesses to recover after the pandemic.
We understand that the Jobs and Neighborhood Investment Act will reprogram a small portion of the funds already allocated by the Congress under the CARES Act, but not yet deployed. This program will refuel the financing programs that support hard-hit low-income and minority communities and the small businesses that serve them.
CDFIs in New York State have been working with our clients to restructure loans, offer forbearance, and provide advice and technical assistance in weathering the global pandemic. To date, our institutions have been a firewall against financial disaster – but our resources are finite as demand continues to grow.
With more than thirty years of documented success in providing capital to low income communities, we have a legacy of success to draw upon. As the need for our work becomes more evident than ever, we are counting on your help to keep up with the expectations of our clients and the needs of the underserved.
We are so grateful for your steadfast support for Community Development Financial Institutions, and thank you for your work to introduce and support the Jobs and Neighborhood Investment Act.
Chair, NYS CDFI Coalition