Opportunity Finance Network Celebrates Bipartisan Champions for CDFIs at Annual Conference

In a significant event at its 41st Annual Conference (OFN41) in Washington D.C., the Opportunity Finance Network (OFN) honored notable Congressional leaders for their bipartisan support of Community Development Financial Institutions (CDFIs). Senators Mike Rounds (R-SD) and Chris Van Hollen (D-MD), along with Representatives Steve Womack (R-AR-3) and Nydia Velázquez (D-NY-7), were presented with the CDFI Congressional Champion Award.

Dafina Williams, Executive Vice President and Chief Public Policy Officer at OFN, remarked, "Community development finance has always been bipartisan. These leaders have championed policies that expand access to prudent financial products for millions of Americans excluded from mainstream finance. Their enduring commitment to expanding opportunities has made the American dream accessible to all."

For over four decades, CDFIs have successfully leveraged public resources, addressing critical financing challenges by delivering capital where it is most needed. This nonpartisan approach has united policymakers across the political spectrum, allowing CDFIs to play a vital role in driving local economic growth. To date, OFN members have facilitated a staggering $124 billion in financing for communities, helped one million small businesses, created or retained 3.4 million jobs, and contributed to the creation of three million housing units nationwide.

Senator Rounds has been instrumental in advocating for Native community development and rural CDFIs. His roles on key Senate Committees, including Appropriations and Banking, have enabled him to sponsor significant legislation, such as the Bond Guarantee Program Improvement Act and the Rural Housing Service Reform Act.

Similarly, Senator Van Hollen has been a steadfast ally for CDFIs, persistently promoting robust appropriations for the CDFI Fund through his involvement in the Senate Appropriations Financial Services and General Government Subcommittee. His efforts led to the establishment of the $1.75 billion CDFI Equitable Recovery Program, which provided essential support to communities impacted by the pandemic.

In the House, Representative Womack has consistently advocated for the CDFI Fund, pushing for essential appropriations through his position on the House Appropriations Committee. He has also co-sponsored critical legislation, including the New Markets Extension Act, and engaged with local CDFI leaders in his district to understand their needs better.

Representative Velázquez has emerged as a powerful advocate for small businesses and community lenders, holding prominent positions on the House Small Business Committee and the House Financial Services Committee. She has contributed to the expansion of the SBA's Community Advantage Program and sponsored key legislation aimed at promoting equitable lending practices to small businesses.

The awards were announced during OFN's annual conference, the largest gathering for the CDFI industry, which included advocacy efforts on Capitol Hill where nearly 150 CDFI leaders met with Congress members. They showcased how CDFIs enhance access to capital, support small businesses, and promote affordable housing opportunities to underserved populations.

The honorees expressed their gratitude towards the CDFI community and reinforced their commitment to fostering economic development. Senator Van Hollen stated, "CDFIs are force multipliers for small business growth and economic development, especially in areas historically marginalized. We must continue providing federal support for these vital institutions."

Representative Womack added, "Fostering economic development is crucial for revitalizing struggling communities. CDFIs play a key role in facilitating this growth by ensuring access to the capital needed for development."

Meanwhile, Representative Velázquez highlighted the significance of access to capital for small businesses, emphasizing that CDFIs empower families and entrepreneurs, particularly those from underserved backgrounds. She underscored the vital role these institutions play in creating equitable economic opportunities.

About the CDFI Congressional Champion Award

The CDFI Congressional Champion Award is presented by OFN to honor lawmakers who actively support policies promoting CDFIs and boosting economic growth in distressed communities throughout the nation.

About Opportunity Finance Network

Opportunity Finance Network (OFN) serves as a leading network and intermediary focused on community development investment. With more than $1 billion in assets and a membership of over 475 CDFIs, OFN ensures that communities left behind by mainstream finance have access to responsible financial products. The network has been a trusted partner for both public and private sectors, facilitating substantial investments in communities over its 40-year history.