A Community Development Financial Institution (CDFI)

in Akwesasne?

³ What is a Community Development Financial Institution (CDFI)?

CDFI stands for community development financial institution, which is an organization dedicated to providing development services (training and technical assistance) and various types of financial services (checking, savings, consumer loans, business loans, housing loans, etc.) to communities encouraging them to become strong and self sufficient.  CDFIs include loan funds, banks, credit unions/associations and venture capital institutions. 

Credit unions were among the first forms of CDFIs in this country going back to the early 1900s, modeled after efforts originating in Germany and England in the mid 1800s.  A Native CDFI (NCDFI) works for the betterment of a Native community and can be located anywhere there is a significant Native population, whether it is on a reservation (federally-recognized and non), in an Alaskan Native village, across the Hawaiian Islands or in a metropolitan area anywhere in the 50 states or beyond – as long as the institution is truly serving that Native population. 

³ How could you personally benefit from the services of a local CDFI?

By becoming a participant of a CDFI, and depending upon the type of CDFI developed you would be able to participate in any number of the following services:

· Affordable housing loans for new construction and home improvement

· Local banking services

· Competitive personal and auto loans

· Asset and wealth building tools (IDAs - specialized savings programs)

· Credit repair services

· Possible mortgage financing for a home

· Financial education and wealth building initiatives

³ Does Akwesasne need its own CDFI?

You can help us determine this by participating in our CDFI survey, which will be conducted throughout the month of November.  Results will determine the course of action based on community consensus.

The Akwesasne Housing Authority is partnering with the Opportunity Finance Corporation and First Nations Oweesta Corporation, to study the feasibility of bringing a CDFI, possibly a credit union, to Akwesasne.  Community member participation is encouraged and will be greatly appreciated in the coming months.  All CDFI initiatives are endorsed by the St. Regis Mohawk Tribe.

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mailto:cdfiinfo@akwesasnehousing.org?subject=I need more information about a CDFI

Funded through a grant from the Community Development Financial Institutions Fund (CDFI Fund), US Department of the Treasury