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What Are Community Development Financial Institutions?

CDFIs are banks and credit unions that accommodate people who are traditionally locked out of financial systems.
Aug. 13, 2018
Banking
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What are CDFIs?

Community development financial institutions, or CDFIs, are banks and credit unions that focus on serving people who would otherwise be locked out of the financial system. Unlike financial institutions, CDFIs rely less on credit scores. And they emphasize developing long-term relationships with members of the community to help them gain financial literacy, establish savings goals and build credit. CDFIs can also be loan funds and venture capital funds with community-oriented missions.

» Here’s how a CDFI can help your small business

How do CDFIs work?

To help consumers who aren’t served by the mainstream banking system, Congress created community development banking in 1994.

Because they can obtain funding from U.S. Treasury grants, CDFIs are often able to offer low-cost mortgages for first-time home buyers and loans for small businesses. They can also offer small credit-builder loans designed to help consumers rebuild their credit. Extending credit throughout the community helps promote a stable and healthy local economy.

» Get your credit score and see how you can improve it

CDFIs can help save money for those who need it most. For example, if you need to borrow $500 but can’t qualify for a conventional bank loan, a payday lender might offer a loan at an interest rate equivalent to 400% a year. At a CDFI, someone lacking a strong credit score might successfully apply for a loan at an 18% interest rate. That can save hundreds of dollars in interest.

To find a CDFI bank or credit union in your area, check the state-by-state list below. For a fuller list, visit the CDFI Fund website.

Jump ahead to the list of financial institutions by choosing a state
Alabama Alaska Arizona Arkansas
California Colorado Connecticut Delaware
District of Columbia Florida Georgia Hawaii
Idaho Illinois Indiana Iowa
Kansas Kentucky Louisiana Maine
Maryland Massachusetts Michigan Minnesota
Mississippi Missouri Montana Nebraska
Nevada New Hampshire New Jersey New Mexico
New York North Carolina North Dakota Ohio
Oklahoma Oregon Pennsylvania Rhode Island
South Carolina South Dakota Tennessee Texas
Utah Vermont Virginia Washington
West Virginia Wisconsin Wyoming  

ALABAMA
Alabama Teachers Credit Union Tuscaloosa
Bank of York York
Demopolis Federal Credit Union Demopolis
First Bank of Linden Linden
Five Star Credit Union Dothan
NRS Community Development Federal Credit Union Birmingham
Phenix Pride Federal Credit Union Phenix City
Bank of Vernon Vernon
United Bank  Atmore
West Alabama Bank Reform

ALASKA
MAC Federal Credit Union Fort Wainwright
Tongass Federal Credit Union Ketchikan

ARIZONA
First American Credit Union Casa Grande
MariSol Federal Credit Union Phoenix
Pyramid Federal Credit Union Tucson
Vantage West Credit Union Tucson

ARKANSAS
Diamond Lakes Federal Credit Union Malvern
Bank of Lake Village Lake Village
FBT Bank & Mortgage Fordyce
Southern Bancorp Arkadelphia

CALIFORNIA
Atchison Village Credit Union (510-233-3218) Richmond
Bay Federal Credit Union Capitola
Beneficial State Bank Oakland
Broadway Federal Bank Los Angeles
Community Bank of the Bay Oakland
Community Commerce Bank Claremont
Community Credit Union of Southern Humboldt Garberville
Desert Communities Federal Credit Union Needles
Episcopal Community Federal Credit Union Los Angeles
First Choice Bank Cerritos
First General Bank Rowland Heights
Kinecta Federal Credit Union Manhattan Beach
Mission National Bank San Francisco
Mission Valley Bank Sun Valley
Neighborhood National Bank National City
Northeast Community Federal Credit Union San Francisco
Pacific Commerce Bank Los Angeles
Partners Federal Credit Union Burbank
Santa Ana Federal Credit Union Santa Ana
Santa Cruz Community Credit Union Santa Cruz
SCE Federal Credit Union Irwindale
Siskiyou Central Credit Union Yreka
Travis Credit Union Vacaville

COLORADO
First Southwest Bank Alamosa
Native American Bank, N.A. Denver

CONNECTICUT
Seasons Federal Credit Union Middletown
Start Community Bank New Haven

DELAWARE
Eagle One Federal Credit Union Claymont
Tidemark Federal Credit Union Seaford

DISTRICT OF COLUMBIA
City First Bank of DC Washington
DC Credit Union Washington
Government Printing Office Federal Credit Union Washington
Industrial Bank Washington

FLORIDA
Community Credit Union of Florida Rockledge
Community South Credit Union Chipley
Envision Credit Union Tallahassee
Fairwinds Credit Union Orlando
Florida Credit Union Gainesville
GTE Financial Tampa
Innovations FCU Panama City
JetStream Federal Credit Union Miami Lakes
Manatee Community Federal Credit Union Bradenton
Suncoast Credit Union Tampa
Tallahassee-Leon Federal Credit Union Tallahassee
Tampa Bay Federal Credit Union Tampa

GEORGIA
Carver State Bank Savannah
Citizens Trust Bank Atlanta
Core Credit Union Statesboro
Peach State Federal Credit Union Lawrenceville

HAWAII
Big Island Federal Credit Union Hilo
Hawaii Federal Credit Union Honolulu
Hawaii Central Federal Credit Union Honolulu
Hawaii Federal Credit Union Honolulu
Molokai Community Federal Credit Union Kaunakakai

IDAHO
Freedom Northwest Credit Union Kamiah
Latah Federal Credit Union Moscow
Lewis Clark Credit Union Lewiston

ILLINOIS
Chicago Municipal Employees Credit Union Chicago
Community Plus Federal Credit Union Rantoul
First Eagle Bank Chicago
IH Mississippi Valley Credit Union Moline
GN Bank Chicago
International Bank of Chicago Stone Park
Israel Methcomm FCU (773-483-0096) Chicago
Members First Credit Union Quincy
North Side Community Federal Credit Union Chicago
Pacific Global Bank Chicago
Pan American Bank & Trust Melrose Park
Pulaski Savings Bank (773-927-3500) Chicago
South Side Community Federal Credit Union Chicago
Urban Partnership Bank Chicago

INDIANA
Fort Financial Credit Union Fort Wayne
Mount Zion Federal Credit Union Indianapolis
Natco Credit Union Richmond
ProFinance Federal Credit Union Merrillville
Regional Federal Credit Union Hammond
Union Baptist Church Federal Credit Union (260-456-1802) Fort Wayne

IOWA
Ascentra Credit Union Bettendorf
Community 1st Credit Union Ottumwa
Dupaco Community Credit Union Dubuque
Veridian Credit Union Waterloo

KANSAS
CBW Bank Weir
EquiShare Credit Union Wichita
Mazuma Credit Union Overland Park

KENTUCKY
Metro Bank Louisville

LOUISIANA
ANECA Federal Credit Union Shreveport
ASI Federal Credit Union Harahan
Bank of St. Francisville St. Francisville
Caldwell Bank & Trust Columbia
Carter Federal Credit Union Springhill
Centric Federal Credit Union West Monroe
Citizens Progressive Bank Columbia
Commercial Capital Bank Delhi
Concordia Bank and Trust Vidalia
Cross Keys Bank Saint Joseph
Delta Bank Vidalia
Essential Federal Credit Union Plaquemine
Franklin State Bank Winnsboro
Guaranty Bank & Trust Delhi
Homeland Federal Savings Bank Columbia
Jefferson Financial Credit Union Metairie
LES Federal Credit Union Baton Rouge
Liberty Bank and Trust New Orleans
Louisiana Federal Credit Union LaPlace
Pelican State Credit Union Baton Rouge
Red River Mill Employees Federal Credit Union Natchitoches
Richland State Bank Rayville
Southwest Louisiana Credit Union Lake Charles
New Orleans Firemen’s Federal Credit Union Metairie
Total Choice Federal Credit Union Hahnville
University of Louisiana Federal Credit Union Lafayette
UNO Federal Credit Union New Orleans

MAINE
Katahdin Federal Credit Union Millinocket
NorState Federal Credit Union Madawaska

MARYLAND
The Harbor Bank of Maryland Baltimore
MECU of Baltimore Baltimore
Montgomery County Employees Federal Credit Union Germantown

MASSACHUSETTS
Athol Credit Union Athol
Greylock Federal Credit Union Pittsfield
OneUnited Bank Boston
Workers Credit Union Fitchburg

MICHIGAN
Alpena Community Credit Union Alpena
CASE Credit Union Lansing
Community Promise Federal Credit Union Kalamazoo
Credit Union ONE Ferndale
First Independence Bank Detroit
Frankenmuth Credit Union Frankenmuth
OMNI Community Credit Union Battle Creek
Public Service Credit Union Romulus
Security Credit Union Flint
Straits Area Federal Credit Union Cheboygan

MINNESOTA
Mid-Minnesota Federal Credit Union Baxter
Northern Eagle Federal Credit Union (218-757-0299) Nett Lake
Sunrise Banks St. Paul
White Earth Reservation Federal Credit Union Mahnomen

MISSISSIPPI
Amory Federal Savings and Loan Association Amory
Bank of Anguilla (662-873-4346) Anguilla
Bank of Commerce Greenwood
Bank of Kilmichael Kilmichael
Bank of Okolona Okolona
Bank of Winona Winona
BankFirst Financial Services Columbus
BankPlus Belzoni
BNA Bank New Albany
Choctaw Federal Credit Union Choctaw
Citizens Bank Columbia
Citizens Bank Byhalia
Citizens Choice Federal Credit Union Natchez
Citizens National Bank Meridian
Commercial Bank DeKalb
Ferguson Federal Credit Union Monticello
First Security Bank Batesville
FNB Oxford
Guaranty Bank & Trust Belzoni
Gulf Coast Community Federal Credit Union Gulfport
Holmes County Bank and Trust Lexington
Hope Credit Union Jackson
Magnolia Federal Credit Union Jackson
Magnolia State Bank Bay Springs
Mechanics Bank Water Valley
Members Exchange Credit Union Ridgeland
Merchants & Planters Bank Raymond
Oxford University Bank Oxford
Peoples Bank Mendenhall
PriorityOne Bank Magee
Richton Bank and Trust Richton
RiverHills Bank Port Gibson
State Bank & Trust Greenwood
Sycamore Bank Senatobia
The First Hattiesburg
The Jefferson Bank Greenville
United Mississippi Bank Natchez

MISSOURI
1st Financial Credit Union Wentzville
Alliance Credit Union Fenton
Electro Savings Credit Union St. Louis
Holy Rosary Credit Union Kansas City
Horizon Credit Union Macon
Northeast Regional Credit Union Hannibal
Ozark Federal Credit Union Poplar Bluff
River Region Credit Union Jefferson City
Riverways Federal Credit Union Rolla
South Central Missouri Credit Union Willow Springs
St. Louis Community Credit Union St. Louis
UBC Credit Union St. Louis
United Consumers Credit Union Independence
United Credit Union Mexico

MONTANA
Kootenai Valley Federal Credit Union Libby
McCone County Federal Credit Union Circle
Missoula Federal Credit Union Missoula
Mountain West Federal Credit Union Butte
Vocal Credit Union Helena

NEBRASKA
Chadron Federal Credit Union  Chadron

NEVADA
None

NEW HAMPSHIRE
None

NEW JERSEY
1st Bergen Federal Credit Union Hackensack
New Community Federal Credit Union Newark
North Jersey Federal Credit Union Totowa

NEW MEXICO
Everyone’s Federal Credit Union Tucumcari
Guadalupe Credit Union Santa Fe
Nusenda Credit Union Albuquerque
Rio Grande Credit Union Albuquerque

NEW YORK
Alternatives Federal Credit Union Ithaca
Buffalo Cooperative Federal Credit Union Buffalo
Fidelis Federal Credit Union New York
First American International Bank Brooklyn
Genesee Co-Op Federal Credit Union Rochester
Lower East Side People’s Federal Credit Union New York
Neighborhood Trust Federal Credit Union New York
New York University Federal Credit Union New York
Queens Cluster Federal Credit Union Hicksville
Quontic Bank Astoria
Savoy Bank New York
Southern Chautauqua Federal Credit Union Lakewood
Spring Bank Bronx
Syracuse Cooperative Federal Credit Union Syracuse

NORTH CAROLINA
American Partners Federal Credit Union Reidsville
Greater Kinston Credit Union Kinston
Latino Community Credit Union Durham
Local Government Federal Credit Union Raleigh
M&F Bank Durham
Self-Help Credit Union Durham
Self-Help Federal Credit Union Durham
Vision Financial Federal Credit Union Durham

NORTH DAKOTA
None

OHIO
Faith Community United Credit Union Cleveland
Nueva Esperanza Community Credit Union (419-720-9530) Toledo
Toledo Urban Federal Credit Union Toledo

OKLAHOMA
Bank2 Oklahoma City
Bank of Cherokee County Tahlequah
Focus Federal Credit Union Oklahoma City
Security State Bank Wewoka
Tinker Federal Credit Union Tinker AFB

OREGON
Cascade Community Credit Union Portland
Cutting Edge Federal Credit Union Milwaukie
Mid Oregon Credit Union Bend
Pacific Crest Federal Credit Union Klamath Falls
Point West Credit Union Portland
SELCO Community Credit Union Eugene

PENNSYLVANIA
East End Food Coop Federal Credit Union Pittsburgh
Noah Bank Elkins Park
United Bank of Philadelphia Philadelphia

RHODE ISLAND
None

SOUTH CAROLINA
Carolina Foothills Federal Credit Union Spartanburg
CommunityWorks Federal Credit Union Greenville
Health Facilities Federal Credit Union Florence
Security Federal Bank Aiken
South Carolina Community Bank Columbia

SOUTH DAKOTA
Lakota Federal Credit Union Kyle
Sentinel Federal Credit Union Rapid City

Citizens Savings Bank and TrustNashville

TENNESSEE
Appalachian Community Federal Credit Union Gray
Horizon Credit Union Kingsport
Orion Federal Credit Union Memphis
Smart Choice Credit Union Cleveland
Tri-State Bank of Memphis Memphis
Trust Federal Credit Union Chattanooga
US Community Credit Union Nashville

TEXAS
Associated Credit Union of Texas League City
Border Federal Credit Union Del Rio
Caprock Federal Credit Union Lamesa
FirstLight Federal Credit Union El Paso
GECU El Paso
Golden Bank Houston
Houston Metropolitan Federal Credit Union Houston
Kerr County Federal Credit Union Kerrville
One Source Federal Credit Union El Paso
Promise Credit Union Houston
River City Federal Credit Union San Antonio
Select Federal Credit Union San Antonio
Southwest 66 Credit Union Odessa

UTAH
City Center Credit Union Provo
Goldenwest Credit Union Ogden

VERMONT
 Opportunities Credit Union  Winooski

VIRGINIA
Democracy Federal Credit Union Alexandria
DuPont Community Credit Union Waynesboro
Freedom First Federal Credit Union Roanoke
Halifax County Community Federal Credit Union South Boston
Richmond Heritage Federal Credit Union Richmond
WJC Federal Credit Union Damascus

WASHINGTON
CALCOE Federal Credit Union Yakima
Express Credit Union Seattle
Industrial Credit Union Bellingham
Lower Valley Credit Union Sunnyside
Newrizons Federal Credit Union Hoquiam
North Coast Credit Union Bellingham
Peninsula Credit Union Shelton
Spokane Federal Credit Union Spokane
Washington State Employees Credit Union Olympia

WEST VIRGINIA
The United Federal Credit Union Morgantown

WISCONSIN
Brewery Credit Union Milwaukee
CoVantage Credit Union Antigo
Mitchell Bank Milwaukee
Northwoods Community Credit Union Park Falls
Royal Credit Union Eau Claire

WYOMING
Campco Federal Credit Union  Gillette

 

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