What is a CDFI?

Written on October 22, 2021

Not all businesses are solely dedicated to making money. It may sound counterintuitive, but many small businesses, nonprofits, and other organizations devote themselves to serving and empowering their communities. Economically and socially disadvantaged communities depend on these local institutions to power their economy.

But not all of these organizations can thrive on their own. Sometimes, they need a little extra financial support. Unfortunately, traditional lenders may not be inclined to lend to struggling businesses. When community-focused organizations can’t get the funding they need, they can turn to Community Development Financial Institutions (CDFI) for help.

What Is a Community Development Financial Institution (CDFI)?

CDFIs are private-sector financial institutions that primarily focus on lending and business development efforts in economically disadvantaged communities. Their purpose is to support people and businesses that have historically been locked out of the financial system. CDFIs can receive federal funding through the United States Treasury by completing an application that shows they’re dedicated to supporting growth in communities that require revitalization.

CDFIs rely less on credit scores when providing loans and other products and more on the impact of individuals and organizations on their communities. CDFIs emphasize developing long-term relationships with the communities they support, hoping to build financial literacy, establish savings goals, and raise personal credit.

How Do CDFIs Work?

Congress created community development banking in 1994 to help consumers who aren’t served by the mainstream banking system. CDFIs focus on serving the poor and working-class within both urban and rural communities. Many of these people are underserved or ignored by the traditional banking system, so CDFIs aim to help these people be more financially self-sufficient and contribute to the overall health of their local economies.

CDFIs can often offer low-cost mortgages for first-time home buyers, loans for small businesses, and affordable personal loans designed to help consumers rebuild poor credit. Through these financial services, CDFIs aim to extend credit throughout a community, promote economic expansion, and help stabilize the local economy.

CDFIs In Each State

There are hundreds of chartered CDFIs operating in the United States. Below, we’ve provided some of the most popular CDFI banks and credit unions in each state. For a more complete list, visit the CDFI Fund website.

CDFI Institutions in Alabama

  • Commonwealth National Bank
  • First Bank of Linden
  • First National Bank and Trust
  • Five Star Credit Union
  • Merchants & Farmers Bank of Greene County
  • New Pilgrim Federal Credit Union
  • The Bank of Vernon
  • The Samson Banking Company
  • West Alabama Bank & Trust

CDFI Institutions in Alaska

  • Tongass Federal Credit Union

CDFI Institutions in Arizona

  • Copper State Credit Union
  • First American Credit Union
  • MariSol Federal Credit Union
  • Pyramid Federal Credit Union
  • Vantage West Credit Union

CDFI Institutions in Arkansas

  • Bank of Lake Village
  • Diamond Lakes Federal Credit Union
  • FBT Bank & Mortgage
  • FNBC Bank
  • Partners Bank
  • Pine Bluff Cotton Belt Federal Credit Union
  • Southern Bancorp Bank
  • Union Bank & Trust Company

CDFI Institutions in California

  • American Plus Bank
  • Bay Federal Credit Union
  • Beneficial State Bank
  • Broadway Federal Bank
  • Community Bank of the Bay
  • Community Commerce Bank
  • Community Credit Union of Southern Humboldt
  • Community First Credit Union
  • Cooperative Center Federal Credit Union
  • Episcopal Community Federal Credit Union
  • Financial Partners Credit Union
  • First Choice Bank
  • First General Bank
  • First Imperial Credit Union
  • Kinecta Federal Credit Union
  • Mission National Bank
  • Mission Valley Bank
  • Neighborhood National Bank
  • Northeast Community Federal Credit Union
  • Partners Federal Credit Union
  • Royal Business Bank
  • Santa Cruz Community Credit Union
  • SCE Federal Credit Union
  • Siskiyou Central Credit Union
  • Travis Credit Union
  • Tucoemas Federal Credit Union
  • USC Credit Union

CDFI Institutions in Colorado

  • Columbine Federal Credit Union
  • Community Choice Credit Union
  • First Southwest Bank
  • Native American Bank
  • NuVista Federal Credit Union

CDFI Institutions in Connecticut

  • New Haven Bank
  • Nutmeg State Financial Credit Union

CDFI Institutions in Delaware

  • Eagle One Federal Credit Union
  • Stepping Stones Community Federal Credit Union
  • Tidemark Federal Credit Union

CDFI Institutions in the District of Columbia

  • City First Bank of D.C.
  • DC Credit Union
  • Industrial Bank

CDFI Institutions in Florida

  • 121 Financial Credit Union
  • BrightStar Credit Union
  • Community Credit Union of Florida
  • Community South Credit Union
  • Dade County Federal Credit Union
  • Envision Credit Union
  • Fairwinds Credit Union
  • Florida Credit Union
  • Florida State University Credit Union
  • GTE Financial
  • Guardians Credit Union
  • Innovations Federal Credit Union
  • JetStream Federal Credit Union
  • Manatee Community Federal Credit Union
  • Miami Postal Service Credit Union
  • Panhandle Educators Federal Credit Union
  • Priority Credit Union
  • Suncoast Credit Union
  • Tallahassee-Leon Federal Credit Union
  • Tampa Bay Federal Credit Union
  • We Florida Financial

CDFI Institutions in Georgia

  • 1st Choice Credit Union
  • BOND Community Federal Credit Union
  • Carver State Bank
  • Citizens Trust Bank
  • CORE Credit Union
  • Credit Union of Atlanta
  • Interstate Credit Union
  • Peach State Federal Credit Union
  • South Georgia Banking Company

CDFI Institutions in Hawaii

  • Hawaii Central Federal Credit Union
  • Hawaii Federal Credit Union
  • Hawaii First Federal Credit Union
  • Molokai Community Federal Credit Union

CDFI Institutions in Idaho

  • Freedom Northwest Credit Union
  • Icon Credit Union
  • Latah Credit Union
  • Lewis Clark Credit Union

CDFI Institutions in Illinois

  • Chicago Municipal Employees Credit Union
  • Community Plus Federal Credit Union
  • First Eagle Bank
  • GN Bank
  • IH Mississippi Valley Credit Union
  • International Bank of Chicago
  • Maroon Financial Credit Union
  • Members First Credit Union
  • Pan American Bank & Trust
  • Pulaski Savings Bank
  • SIU Credit Union
  • United Credit Union

CDFI Institutions in Indiana

  • Afena Federal Credit Union
  • Fort Financial Credit Union
  • Mount Zion Federal Credit Union
  • Natco Credit Union
  • ProFinance Federal Credit Union
  • Regional Federal Credit Union

CDFI Institutions in Iowa

  • Ascentra Credit Union
  • Community 1st Credit Union
  • Dupaco Community Credit Union
  • Veridian Credit Union

CDFI Institutions in Kansas

  • EquiShare Credit Union
  • Mazuma Credit Union

CDFI Institutions in Kentucky

  • Liberty Bank
  • Park Community Credit Union

CDFI Institutions in Louisiana

  • ANECA Federal Credit Union
  • Ascension Credit Union
  • Bank of Zachary
  • BOM Bank
  • Caldwell Bank & Trust Co.
  • Carter Credit Union
  • Centric Federal Credit Union
  • Citizens Progressive Bank
  • CLB The Community Bank
  • Colfax Banking Company
  • Commercial Capital Bank
  • Concordia Bank & Trust Co.
  • Cross Keys Bank
  • Delta Bank
  • Engage Federal Credit Union
  • Essential Federal Credit Union
  • Farmers-Merchants Bank & Trust Company
  • Franklin State Bank
  • Greater New Orleans Federal Credit Union
  • Homeland Bank
  • Jefferson Financial Federal Credit Union
  • Legacy Financial Federal Credit Union
  • Liberty Bank and Trust Company
  • Louisiana Federal Credit Union
  • Meritus Credit Union
  • Neighbors Federal Credit Union
  • New Orleans Firemen’s Federal Credit Union
  • OnPath Federal Credit Union
  • Ouachita Valley Federal Credit Union
  • Pelican State Credit Union
  • Progressive National Bank
  • Southwest Louisiana Credit Union
  • St. Landry Homestead Federal Savings Bank
  • St. Tammany Federal Credit Union
  • Tensas State Bank
  • The Cottonport Bank
  • New Orleans Firemen’s Federal Credit Union
  • Total Choice Federal Credit Union
  • University of Louisiana Federal Credit Union
  • Uno Federal Credit Union
  • Winnsboro State Bank

CDFI Institutions in Maryland

  • The Harbor Bank of Maryland
  • MECU Credit Union
  • SkyPoint Federal Credit Union

CDFI Institutions in Massachusetts

  • Greylock Federal Credit Union
  • OneUnited Bank

CDFI Institutions in Michigan

  • Advia Credit Union
  • Allegan Credit Union
  • Alpena Community Credit Union
  • Awakon Federal Credit Union
  • CASE Credit Union
  • Chippewa County Credit Union
  • Community Promise FCU
  • Credit Union ONE
  • ELGA Credit Union
  • First Independence Bank
  • Frankenmuth Credit Union
  • Lake Huron Credit Union
  • Lake Trust Credit Union
  • Michigan First Credit Union
  • Muskegon Co-op Federal Credit Union
  • OMNI Community Credit Union
  • One Detroit Credit Union
  • Public Service Credit Union
  • Security Credit Union
  • Straits Area Federal Credit Union
  • University of Michigan Credit Union
  • Wayne Westland Federal Credit Union
  • Zeal CU

CDFI Institutions in Minnesota

  • Mid Minnesota Federal Credit Union
  • White Earth Reservation Federal Credit Union

CDFI Institutions in Mississippi

  • Amory Federal Savings and Loan Association
  • Bank of Brookhaven
  • Bank of Commerce
  • Bank of Franklin
  • Bank of Kilmichael
  • Bank of Okolona
  • Bank of Winona
  • BankFirst Financial Services
  • BankPlus
  • BNA Bank
  • Choctaw Federal Credit Union
  • Citizens Bank (in Columbia, Mississippi)
  • Citizens Bank of Byhalia
  • Citizens Bank & Trust Company (in Marks, Mississippi)
  • Citizens National Bank of Meridian
  • Cleveland State Bank
  • Commercial Bank
  • Copiah Bank
  • Farmers & Merchants Bank
  • First American National Bank
  • First National Bank of Picayune
  • First Security Bank
  • First State Bank
  • FNB Oxford Bank
  • Great Southern Bank
  • Guaranty Bank & Trust
  • Gulf Coast Community FCU
  • Holmes County Bank and Trust Company
  • Hope Federal Credit Union
  • Magnolia Federal Credit Union
  • Magnolia State Bank
  • Mechanics Bank
  • Members Exchange Credit Union
  • Merchants & Farmers Bank of Holly Springs, Mississippi
  • Merchants & Marine Bank
  • Merchants & Planters Bank
  • Oxford University Bank
  • Peoples Bank
  • Pike National Bank
  • Planters Bank & Trust Company
  • PriorityOne Bank
  • Richton Bank and Trust Company
  • RiverHills Bank
  • Bank Plus
  • Sunbelt Federal Credit Union
  • Sycamore Bank
  • The First, A National Banking Association
  • The Jefferson Bank
  • United Mississippi Bank

CDFI Institutions in Missouri

  • 1st Financial Federal Credit Union
  • Alliance Credit Union
  • Assemblies of God Credit Union
  • Central Bank of Kansas City
  • Century Bank of the Ozarks
  • Farmers State Bank
  • Guadalupe Centers Federal Credit Union
  • Holy Rosary Credit Union
  • Horizon Credit Union
  • Legacy Bank & Trust Company
  • Multipli Credit Union
  • River Region Credit Union
  • St. Louis Community Credit Union
  • UBC Credit Union
  • United Consumers Credit Union

CDFI Institutions in Montana

  • Clearwater Credit Union
  • Embark Credit Union
  • Grasslands Federal Credit Union
  • Ravalli County Federal Credit Union
  • Vocal Credit Union

CDFI Institutions in Nebraska

Chadron Federal Credit Union

CDFI Institutions in New Jersey

  • 1st Bergen Federal Credit Union
  • New Community Federal Credit Union
  • North Jersey Federal Credit Union

CDFI Institutions in New Mexico

  • Everyone’s Federal Credit Union
  • First Financial Credit Union
  • Guadalupe Credit Union
  • Northern New Mexico School Employees Federal Credit Union
  • Nusenda Credit Union
  • Rio Grande Credit Union
  • State Employees CU

CDFI Institutions in New York

  • Alternatives Federal Credit Union
  • Brooklyn Cooperative Federal Credit Union
  • Carver Federal Savings Bank
  • Cobblestone Country Federal Credit Union
  • Concord Federal Credit Union
  • Entertainment Industries FCU
  • Genesee Co-Op Federal Credit Union
  • Lower East Side People’s Federal Credit Union
  • Neighborhood Trust Federal Credit Union
  • New Covenant Dominion Federal Credit Union
  • New York University FCU
  • Oswego County FCU
  • Ponce Bank
  • Quontic Bank
  • Savoy Bank
  • Southern Chautauqua Federal Credit Union
  • Spring Bank
  • Syracuse Cooperative Federal Credit Union
  • The Finest Federal Credit Union
  • Urban Upbound Credit Union

CDFI Institutions in North Carolina

  • Greater Kinston Credit Union
  • Latino Credit Union
  • Local Government Federal Credit Union
  • M&F Bank (Mechanics and Farmers Bank)
  • Premier Federal Credit Union
  • Self-Help Credit Union
  • Vision Financial Federal Credit Union

CDFI Institutions in Ohio

  • Buckeye State Credit Union
  • Commodore Perry Federal Credit Union
  • Day Air Credit Union
  • Faith Community United Credit Union
  • New Horizon Federal Credit Union
  • North Coast Credit Union
  • Softite Community Federal Credit Union
  • Telhio Credit Union
  • Toledo Urban Federal Credit Union
  • VacationLand Federal Credit Union
  • YS Federal Credit Union (YSCU)

CDFI Institutions in Oklahoma

  • Arbuckle Federal Credit Union
  • Bank of Cherokee County
  • Chickasaw Community Bank
  • First Family Federal Credit Union
  • Security State Bank
  • Tinker Federal Credit Union (TFCU)

CDFI Institutions in Oregon

  • Consolidated Community Credit Union
  • Cutting Edge Credit Union
  • Ironworkers USA Credit Union
  • Mid Oregon Credit Union
  • Point West Credit Union
  • SELCO Community Credit Union
  • Trailhead Credit Union

CDFI Institutions in Pennsylvania

  • East End Food Co-op FCU
  • Noah Bank
  • Trouvaille Federal Credit Union
  • United Bank of Philadelphia

CDFI Institutions in South Carolina

  • Carolina Foothills FCU
  • HopeSouth Credit Union
  • Optus Bank
  • REV Federal Credit Union
  • Security Federal Bank
  • Upstate FCU

CDFI Institutions in South Dakota

  • Sentinel Federal Credit Union
  • Sisseton-Wahpeton Federal Credit Union

CDFI Institutions in Tennessee

  • Appalachian Community Federal Credit Union
  • Citizens Savings Bank and Trust Company
  • Clinchfield Federal Credit Union
  • Horizon Credit Union
  • INSOUTH Bank
  • Leaders Credit Union
  • Metropolitan Teachers Credit Union
  • Northeast Community Credit Union
  • Orion Federal Credit Union
  • Select Seven Credit Union
  • Smart Choice Credit Union
  • Southern Security Federal Credit Union
  • Tri-State Bank of Memphis
  • Trust Federal Credit Union
  • US Community Credit Union

CDFI Institutions in Texas

  • Associated Credit Union of Texas
  • Border Federal Credit Union
  • El Paso Area Teachers Federal Credit Union (TFCU)
  • First Central Credit Union
  • FirstLight Federal Credit Union
  • GECU
  • Golden Bank
  • Houston Metropolitan Federal Credit Union
  • Kerr County Federal Credit Union
  • Mountain Star Federal Credit Union
  • One Source Federal Credit Union
  • Our Mother of Mercy Federal Credit Union
  • Resource One Credit Union
  • RGV Credit Union
  • River City Federal Credit Union
  • Rocket Federal Credit Union
  • Select Federal Credit Union
  • Star of Texas Credit Union
  • Texas Bay Credit Union

CDFI Institutions in Utah

  • Goldenwest Credit Union

CDFI Institutions in Vermont

  • Opportunities Credit Union

CDFI Institutions in Virginia

  • BayPort Credit Union
  • Democracy FCU
  • DuPont Community Credit Union (DCCU)
  • Freedom First Credit Union
  • Peoples Advantage Federal Credit Union
  • RVA Financial
  • VCC Bank

CDFI Institutions in Washington

  • CALCOE Federal Credit Union
  • Canopy Credit Union
  • Express Credit Union
  • Harborstone Credit Union
  • Industrial Credit Union
  • Lighthouse Community Credit Union
  • Lower Valley Credit Union
  • Newrizons Federal Credit Union
  • North Coast Credit Union
  • Peninsula Credit Union
  • Seattle Credit Union
  • Washington State Employees Credit Union (WSECU)

CDFI Institutions in West Virginia

  • The United Federal Credit Union

CDFI Institutions in Wisconsin

  • Brewery Credit Union
  • Columbia Savings & Loan Association
  • Mitchell Bank
  • Prime Financial Credit Union
  • Royal Credit Union

CDFI Institutions in Wyoming

Campco Federal Credit Union