What’s a Community Development Financial Institution (CDFI)?
CDFIs are financial institutions that are devoted to giving low-wealth and disadvantaged communities access to capital.
CDFIs Put Money in Your Community
When a customer puts their deposits in a bank account, CDFIs lend that money to help local businesses grow.
So when customers bank with Ponce Bank, they’re putting money into the neighborhood.
CDFIs are Engines for Social Justice
CDFIs were founded as part of the Community Reinvestment Act of 1977, in direct response to the systematic disenfranchisement of people of color to address the inequalities in banking and economic development.
Accountability
CDFIs are mandated and monitored to dedicate at least 60% of its lending to low- and moderate- income communities in order to achieve this certification. In fact, in 2019 alone, 84% of the dollars the Ponce Bank loaned were in designated lower and moderate income communities, easily surpassing the 60% minimum.
Ponce Bank is ranked among the top CDFIs
#1 in Housing Focus
#2 in Loans in Community
#7 in Total Loans
#11 in Total Assets
(Source: National Community Investment Fund, 2020)
Ponce Bank is both CDFI and MDI
Minority Depository Institutions (MDIs)
A bank may be certified MDI when a majority of the board of directors is minority and the community that the institution serves is predominantly minority.
Ever since it was founded 61 years ago by our Puerto Rican American founders, Ponce Bank has served the immigrant communities in the NYC Metro area.
We’re proud to be one of fewer than 50 banks in the US to be certified both CDFI and MDI.
Visit poncebank.com