RCAC Home Page > News and Publications > Loan Fund News >

Chairman Ben S. Bernanke expresses need for CDFIs

On June 17, Chairman Ben S. Bernanke, Board of Governors of the Federal Reserve System, delivered a speech at the Global Financial Literacy Summit in Washington, D.C. in which he urged listeners to consider the valuable contributions provided by community development organizations and CDFIs.

He discussed CDFI roles and current challenges as well as opportunities they provide for community stabilization and economic recovery. “For instance, a number of groups are purchasing homes, which might otherwise sit vacant, from loan servicers who take possession of foreclosed properties. These homes are repaired and then sold or rented to families,” Bernanke said. “CDFIs and other groups across the country are working hard to stabilize neighborhoods because they do not want to lose the progress attained by years, and sometimes decades, of investment in low- and moderate-income communities.”

RCAC welcomes Bernanke’s public recognition and trust in the work CDFIs accomplish in financing the economy’s underserved sectors.

RCAC’s loan fund became one of the first certified CDFIs in the country in 1996. As a certified CDFI, RCAC has closed 517 short- and long-term loans for more than $257 million, leveraging more than $1 billion for rural projects, despite America’s recent economic challenges and limited spending capital. CDFIs serve with integrity and compassion and have demonstrated creativity, innovation and responsibility within the financing arena. RCAC’s Loan Fund offers a comprehensive array of products for affordable housing development, environmental infrastructure and community facilities. For more information contact a loan officer in your area.

Back to Top

Back to Network News ...