Eliminating The CDFI Fund Would Harm Black Entrepreneurship
*2% of all Black-owned Businesses and 9% of Employer Firms are
co-owned equally by men and women.
President Trump released his full Fiscal Year 2018 budget yesterday, and it calls for a reduction in the Community Development Financial Institutions Fund from $248 million to a paltry $14 million. This essentially amounts to elimination of the crucial fund, which would be a heavy blow to small businesses in distressed rural and urban areas. The administration’s reasoning behind their decision is that the program has been so successful that it is no longer necessary. The first part of that statement is accurate. …