Congresswoman Maloney Proposes Bill to Protect CDFIs
New York – Congresswoman Carolyn B. Maloney held a press conference at Roberto’s Winds & Michiko Studios, a thriving small business and EGF client in Manhattan. The conference was in celebration of Small Business Week and announced the Congresswoman’s bill, the Investing in America’s Small Businesses Act. The act, which is strongly supported by small businesses and Community Development Financial Institutions (CDFIs), would create grants that protect the CDFI Fund from proposed government budget cuts that are currently threatening it.
The fund fosters investments in communities that are often underserved by establishing and expanding CDFIs that create jobs and make affordable credit available. CDFIs are important in the small business lending landscape because sometimes banks cannot take on the risk that new or growing businesses present.
Roberto Romeo, owner of Roberto’s Winds and Michiko Studios, knows the benefits CDFIs offer firsthand. “Working with a CDFI like Excelsior Growth Fund made it possible for me to grow Michiko Studios to its fullest potential,” said Roberto, “I had difficulty finding traditional funding for my expansion project.”
EGF President Steve Cohen was also present at the press conference, saying, “We applaud the efforts of Congresswoman Maloney and others in highlighting the critically important work of CDFIs and the need to support the industry. The CDFI Fund helps mission-driven financial institutions ensure that entrepreneurs nationwide can access fair and affordable financing when they have difficulty securing capital from banks.”
About Excelsior Growth Fund
At Excelsior Growth Fund (EGF), our mission is to help New York businesses grow by providing small business loans and advisory services. As a nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution (CDFI), we’re a responsible lender you can trust. Our products are affordable and flexible, and our advisory services can help you reach your business goals.