CDFI
Helping business owners create what they want,
in the place they want, within the means they have.
What is a CDFI?
Community Development Financial Institutions (CDFIs) work to promote economic revitalization and community development in low-income, disadvantaged, and underserved communities.
Dakota Business Lending became a certified CDFI in 2022 and uses this program to support underserved businesses and individuals by providing additional access to capital and business support services.
Our CDFI Mission:
The goal of Dakota Business Lending’s CDFI program is to:
help business owners create what they want, in the place they want,
within the means they have
This means filling the gap through specialized lending and business education programs for businesses who lack access to capital or needed resources due to low-income challenges, lack of knowledge, and lack of loan support. This includes, but is not limited to:
- Low credit score
- Lack of necessary down payment
- Insufficient collateral
- Lower financial literacy
- Lack of support/business network
- Needed improvement in business acumen
- Have been turned down by other lending programs or agencies
- Many more!
Who Qualifies?
To qualify for CDFI programs, businesses or individuals must be considered one of the following:
- Low-income business owner (according to local income level thresholds)
- Business that provides products or services to underserved populations
CDFI programs are available to businesses or individuals across our entire footprint of North Dakota, Montana, and Minnesota.
You or your business may be eligible! Fill out our form below to find out.
The Impact:
Our CDFI programs do more than just provide loans and business advising services… they cultivate hope, access, and longevity for entrepreneurs that set them on the path to success for years to come.
Cultivate Hope
Cultivate Access
CDFI programs turn hope into reality by facilitating easier access to financing for small businesses through more reachable terms, as well as education, mentorship, and resources to help new businesses further develop.
Cultivate Longevity
With continually bestowed resources, CDFI programs help entrepreneurs continue to grow where they want and how they want, creating impactful and vibrant long-term growth opportunities for communities in our footprint.
Meet the CDFI Team
Meet Michaela, Emily, Steve, and Ann – our CDFI experts and the four who can help guide you through the CDFI loan and business support process! Whether you are wanting some more information, or wondering if you qualify for our programs, our CDFI team is here for you.
Michaela Schell
Entrepreneurial Development Director
Emily Schroeder
Community Lending Director
Steve Dusek
President/CEO
Ann Peterson
VP/Loan Operations
CDFI Examples
There are a variety of ways that CDFI programs can help small businesses across our footprint. Below are a few examples of how entrepreneurs can use the programs to grow their business.
Local Bakery and Cafe
This business needed additional equipment to grow their capabilities and better serve their customers’ needs.
Why CDFI?
- Woman-owned businesses
- Business serves in downtown area with large low-income population
- Lacked access to capital due to low down payment
- Utilized CDFI loan program to purchase equipment
- Utilized CDFI business advisory services to better understand business financials
Metal Fabrication Company
This business needed working capital to fill tight employee windows.
Why CDFI?
- Located in industrial area of an urban community
- Business serves surrounding rural communities
- Lacked access to capital due to low down payment
- Utilized CDFI loan program to get financing for working capital
- Utilized CDFI pre-loan advising services
Community Supermarket
This entrepreneur needed capital to construct a building to house their business.
Why CDFI?
- Minority-owned business
- Located in food desert in an urban community
- Lacked access to capital due to low down payment and insufficient collateral
- Utilized CDFI loan program to purchase land and construct a building
- Utilized CDFI business advisory services to find the best financing option for their needs
Contact Us to Learn More
Want to learn more about our available CDFI programs or see if you are eligible? Fill out the form below or reach out to one of our CDFI experts for more information.
Phone
Address
5630 36th Ave S,
Fargo, ND 58104
______________________
Lewistown, MT 59457
