Fwd: Take Action -- Support of Community Development Financial Institutions

[st.coltrane]

Hi Everyone-

Last week the Solidarity Economy Network coordinating committee decided to take action on behalf of groups providing financial resources to low-income people and communities, organizations that are doing work building the Solidarity Economy, Community Development Financial Institutions (CDFIs). With a few exceptions CDFIs working on the ground are local institutions supporting individuals and small businesses in low-income communities. All are required to be accountable to their communities as part of their CDFI Certification by the Treasury. CDFIs vary--the types include Community Development Credit Unions, Loan Funds, CD Banks, CD Venture Capital and micro-finance institutions.

 

I encourage you to join us in taking this action to support CDFIs around the country, either organizationally or individually.

The CDFI Coalition, which represents community development financial institutions around the country providing essential financial services to low- income communities is advocating to the Treasury Dept. and Congress that the government allocate 1 Billion of the bailout to the CDFI Fund to support these essential programs. This money will be used to help keep these financial institutions successful through the troubled economy and to help expand programs to help more people. You can take action by clicking here. See below for more information. Below is also the text that we added about the solidarity economy to the letter.

In solidarity,

Dan Apfel

 

National Federation of Community Development Credit Unions

 

Text from the USSEN's Letter:

 

SEN supports the proposals of the CDFI Coalition to dedicate a portion of the funds to the promotion of lending and investing in the low- and moderate-income communities that have suffered most from the current crisis. Community Development Financial Institutions are community controlled organizations supporting low-income people and sustainable, local economies. Their work is helping to build an economy based on the principles of equality and social well-being, and is essential to the work of creating a stronger solidarity economy.

 

 

 

Action Alert from the CDFI Coalition:

Now we are asking for your help again. On December 8, 2008, the CDFI Coalition mailed a letter urging Congress to boost the flow of funds to critical community development projects and expand existing programs that provide catalytic investment in America's low-to moderate-income neighborhoods through a Community Development Stimulus Program.

The Coalition recommends that a Community Development Stimulus Program be created that allocates $500 million a year for two years to the U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund). This program will create an immediate economic stimulus for low income communities and directly infuse capital into Community Development Financial Institutions (CDFIs).

Please join us in asking Congress to support the Community Development Stimulus Program by sending a letter to your Congressional Representatives. Members of Congress need to hear from you! We have provided a suggested text for the letter below, but please take a few minutes to personalize your message by adding information about the challenges facing your organization and/or how this program will help your community.  With your help, we may be able to provide valuable resources to those who have suffered most from the current crisis.

It only takes a minute to fill out your address and push send. You can take action by clicking here.

Thank you,

 CDFI Coalition
3240 Wilson Boulevard, Suite 220
Arlington, VA 22201
703.294.6970 phone
703.294.6460 fax
www.cdfi.org

 

 

Dan Apfel
Program Associate
Education and Training
212.809.1850 ext 220
National Federation of Community Development Credit Unions
116 John Street, 33^rd Floor • New York, NY  10038 • www.cdcu.coop

 

--
Dave Shukla
New School for Social Research
Student Environmental Action Coalition
415.699.2673

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