Today marks the day when the first financial product based on Community Development Financial Institutions (CDFIs) is brought by CNote to individuals for the first time in history. The coverage from TechCrunch perfectly captures the nature of CDFIs and their social impact mission:
Community development financial institutions are an integral part of economic development in the United States. They support affordable housing, minority owned business and other entities that may struggle to get the capital they need from traditional banks.
CNote’s aim is to democratize finance: we strongly believe that everyone is entitled to the benefits of financial innovation, not just the top 1%. Our first CDFI-based product is the first step in that direction. Soon all Americans will have access to the product and will be able to reap the returns, both financial and social, that come from lending to CDFIs and supporting minority and female entrepreneurs. Through CDFIs, we can all do our part in improving underserved communities across the country.
You can learn more about CNote and our mission here. Also, feel free to contact our team with any questions at firstname.lastname@example.org.