Although most CDFI funds are protected by Congress, Hankel Brown said he was concerned that the rules would not apply.
“It is not clear that it will look like more and more implementation in this regard,” he said. “If they expose the CDFI fund and make it inactive, there are many costs, the felony region will suffer.”
Leslie Benoliel, CEO of business work in Philadelphia, said that it could reduce regional economic development efforts in low -income communities.
“[Community Development Financial Institutions] In our country, the financial distribution system is like cash. And if you disconnect the blood flow into these extremism, it will do a lot of harm.
He said that small business owners who generally cannot rely on the banking system or the government will often work with a community organization.
Last year, $ 32 million was allocated to the CDFI in Pennsylvania under the award for financial aid, healthy food and permanent poverty county.
Pennsylvania CDFI Network CEO Varosovia Fernandez said that if there is no federal support, local non -profit people will likely have to raise money in another way.
“There is a possibility of transferring fees for the services model where small businesses need to pay for technical support education and I will imagine. [loans would have] He said a high rate is to be sustainable.
On March 17, US Treasury Secretary Secretary Scott Basant said in a statement that the Trump administration understands the importance of the Federal Fund and local community lending organizations.
“CDFIs [Community Development Financial Institutions] Main Street is a key component of President Trump’s commitment to support the United States in enhancing employment, creation of wealth and prosperity.
