14-member caucus will support CDFIs and MDIs in their missions to support rural and low-income communities
CDFIs and MDIs provide critical support to communities, create jobs, boost our economy, and help small businesses thrive
Senator Reverend Warnock: “I am laser-focused on bringing robust economic opportunities to every corner of our state and I look forward to working with my colleagues on both sides of the aisle in this caucus as we boost small business in Georgia”
Washington, D.C. — Today, U.S. Senator Reverend Raphael Warnock (D-GA), a vocal advocate for Georgia’s rural and low-income communities, announced he is helping found the newly created Senate Community Development Finance Caucus (CDFC), a bipartisan caucus dedicated to supporting the missions of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to scale their activities and fuel more lending in low- and moderate-income (LMI) communities.
The 14-member caucus is bipartisan and evenly divided between Democrats and Republicans including Sens. Mark R. Warner (D-VA), Mike Crapo (R-ID), Amy Klobuchar (D-MN), Mike Braun (R-IN), Jon Ossoff (D-GA), Steve Daines (R-MT), Jack Reed (D-RI), Cindy Hyde-Smith (R-MS), Tina Smith (D-MN), Cynthia Lummis (R-WY), Chris Van Hollen (D-MD), Jerry Moran (R-KS), and Mike Rounds (R-SD).
CDFIs play a critical role in providing responsible and affordable credit to underserved communities. During the pandemic, CDFIs demonstrated their ability to deliver billions of dollars to underserved businesses through the Paycheck Protection Program (PPP), totaling approximately $34 billion.
“CDFIs and MDIs are vital institutions for helping families, small businesses and rural and low-income communities thrive,” said Senator Reverend Warnock. “I am laser-focused on bringing robust economic opportunities to every corner of our state and I look forward to working with my colleagues on both sides of the aisle in this caucus as we boost small business in Georgia.”
Senator Warnock is a staunch advocate for Georgia’s rural communities, having worked since his first day in office to bring federal investments to strengthen rural Georgia’s infrastructure, broadband, and public transit. As the Chair of the Subcommittee on Consumer Protection and Financial Institutions, Senator Warnock has held a hearing that examined the role of Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) play in our economy.
The Community Development Finance Caucus has the support of a number of organizations and financial institutions including the National Bankers Association, Community Development Bankers Association, Opportunity Finance Network, Inclusiv, African American Credit Union Coalition, National Association of Latino Credit Unions and Professionals, Local Initiatives Support Corporation, American Bankers Association, Hope Credit Union, MoFi, Independent Community Bankers of America, Northwest Native Development Fund, Native CDFI Network, Colorado Enterprise Fund, and the CDFI Coalition.