Community Investment Fund of Indiana (CIFI) is a Community Development Financial Institution (CDFI) certified by the U.S. Department of Treasury. Formed in 2011 it operates as a statewide revolving loan fund serving small businesses throughout Indiana. The key to CIFI delivering financial products and services to low and moderate individuals and low wealth communities is the utilization of funding from banks through The Community Reinvestment Act (CRA) enacted in 1977.
A bank investment to CIFI helps meet the credit needs of low to moderate-income individuals and underserved communities in which the bank does business. The capital made available to CIFI helps the bank meet its CRA obligations and deliver services and lending products that are outside the banks’ risk profile. Specific guidance and consideration for community development lending are offered through the bank regulator. Through CRA, bank loans and investments for CIFI create increased opportunities to serve its underserved clients. It can lower its lending risks and create a positive impact on the banks’ target market.
CIFI is a part of a network of more than 1,000 certified CDFI organizations located throughout the United States. The network of CDFIs has historically served an important role in the U.S. Financial System and today CDFI’s are playing a critical role in helping low to moderate-income individuals and low-income communities weather the economic consequences of the COVID-19 pandemic.
To learn more about how CIFI can assists banks with CRA planning considerations, please contact us by calling 317-960-3710.
For more information about state-chartered banks please contact The Federal Reserve Board or The Federal Deposit Insurance Corporation. For National Bank Charters, please contact The Office of the Controller of the Currency (OCC).