Emanuel Cleaver: “Back in May I filed an amendment in committee hoping that I could work with the administration between then and now…”

“Back in May I filed an amendment in committee hoping that I could work with the administration between then and now, floor consideration, to develop a meaningful way for community development loan funds to participate in this legislative proposal. I want to take this opportunity to boast about it being included in this final version and discuss the urgent need to assist community development loan funds, who have been left behind in too many programs, that help small business and institutions. Since its inception, the Treasury's CDFI fund has certified over 1,200 CDFIs in banks, credit unions, loan funds, and venture capital funds. CDFI banks, credit unions, and loan funds have been historically well managed. It is without a doubt that CDFIs are critical to the development of minority and underserved populations, especially nonprofit loan funds that have traditionally served the more economically and racially diverse communities. Seventy percent of CDFI recipients are low income, and over 50 percent are minority and majority female. Furthermore, microlending and small business lending represent 45 percent of CDFI loans.”