We envision an America where everyone can gain access to the opportunities and financial products and services they need to fully participate in the US economy. For us, this means supporting community lenders because they are gatekeepers to economic development.
Nearly every fundamental building block to achieving financial well-being is impacted by one’s criminal history, which also impacts their credit score. And while there is insufficient data to articulate the impact of having a record on banking outcomes there is anecdotal and tangential evidence to show how a record keeps a person locked into low-to-moderate income (LMI) jobs and where entrepreneurs with conviction histories can’t grow their businesses. These limitations often lead to being unbanked or underbanked..
The products and services that CDFIs provide create pathways to mainstream banking. This is a win-win for people, communities, and you.
Community lenders have a common goal of serving LMI communities while managing their resources and risks. The need to identify qualified candidates and attract customers while having actionable information to assess them is critical to expanding your products and services to individuals living with records.
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