A new report from The New England Council details the many important ways that the financial services sector, which employs nearly 800,000 people (through direct, indirect, and induced jobs) in our six-state region contributes to the region’s overall economic well-being. President & CEO James T. Brett wrote:

"This report is a follow up to an earlier report released in 2017, 'The New England Financial Services Industry: Around the Corner and Around the World.' The industry, and in particular, technologies used in the financial sector, have of course evolved over the past eight years, as this report details. We believe it is particularly fitting, as the Council commemorates the 100th anniversary of our founding in 1925, to release an updated report this year. We are grateful to the many members of the Council’s Financial Services Committee who contributed to the development of this report."

This article on page 43 highlights the 64 CDFIs that are headquartered in New England and their partnership to the public and private sectors.

Community Development Financial Institutions Play Critical Role in New England’s Financial Sector

As one of the first certified Community Development Financial Institutions in the nation, the New Hampshire Community Loan Fund paved the way for a network of lenders providing fair and affordable financing to people who can’t access mainstream financial systems, particularly in low-income communities. 

The 64 CDFIs headquartered in New England are trusted partners to both the public and private sectors, building steppingstones for borrowers to realize their economic potential and grow their wealth. They work closely with traditional banks and other funders to leverage every dollar eight times and go deeper in local communities. The coaching they provide alongside their lending creates successful borrowers and charge-off rates below one percent. 

The New Hampshire Community Loan Fund’s model turns donations and investor funds into loans, coaching, and guidance to people, businesses, nonprofits, and communities to enable them to own and preserve affordable homes, start small businesses, access cost-saving energy solutions, and provide strong community services. 

It’s a model that works. Since 1983, the Community Loan Fund has helped create or preserve more than 11,000 affordable homes. More than 650 business owners have used the Community Loan Fund’s loans and coaching to help their businesses grow. 

The simple idea of neighbors investing in neighbors to create stronger communities has resulted in more than $1 billion in impact in New Hampshire, Vermont, and Maine. Community Development Financial Institutions are important members of the financial services community. Let’s work together to help people across New England become bankable and financially self-sufficient.