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Vol. I - Issue 14

Buffalo News - "Another Voice" says Small Businesses Deserve Truth in Lending

CDFIs like Westminster Economic Development Initiative (WEDI) in Buffalo often help businesses get out from under crushing debt traps set by predatory lenders.

On Sunday, the Buffalo News ran a piece in their “Another Voice” column by Carolynn Welch, the Executive Director of WEDI. Here’s the story that inspired the column.

“In Buffalo, one of our clients, A1 Express, a minority-owned non-emergency Medicaid transportation company, needed cash to secure additional vehicles and drivers to help his company keep up with demand. He borrowed money from an online source, secured by future anticipated income, but didn’t understand what this really meant. He borrowed $20,000 then saw that the daily repayment withdrawals from his bank account were much higher than he agreed to — which nearly cost him his business. In fact, overall interest on the loan was in the triple digits.

“That’s when WEDI and Pursuit Lending stepped in. We gave our client a better understanding of the terms of his previous agreement, and he decided to apply to us for loans with clear repayment terms. These CDFI loans paid off the high-interest loan and provided capital for him to purchase additional vehicles to expand his company. These affordable loans allow him to keep his business going, support his employees and serve the transportation needs of the community.”

Click here to read the full article in the Buffalo News.

2020 Conference Series Kicks Off 9/25! 

We were so disappointed to have to pull the plug on our 2020 Conference in March - and so were many of you! We were hoping to reschedule the conference for December, but that's looking increasingly unlikely. 

So - we're taking our conference online with a series of webinars and panel discussions called #CDFIFridays

We'll be sharing much more information in the days to come, but for now - save the date! We'll be kicking off the conference on Friday, September 25 at 12 noon!

If you've already purchased a ticket for the conference - congratulations! We'll convert your ticket to a subscription to the full #CDFIFriday series. Don't have a ticket? Don't worry - you'll soon have the option to sign up for a subscription or individual presentations!

Watch your inbox for more information! 


Visit our Event Calendar for more webinars, panels and trainings like this one on Wednesday September 16!

Do you value these updates?
Please consider joining the NYS CDFI Coalition today! 

Our Mission

Our mission is to position CDFIs as the most effective strategy and policy tool to address issues of financial inclusion, housing access and economic opportunity in New York State. Please visit our website to learn more.
New York State Community Development Financial Institutions Coalition
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