In this episode, Melinda Emerson is joined by Amber Banks to explore the critical role of Community Development Financial Institutions (CDFIs) in business financing. They delve into understanding CDFIs, tackling credit score issues, and the challenges of borrowing. Amber discusses how CDFIs advocate for small businesses and assist with urgent cash flow needs. The conversation touches on the quality of CDFI services, their impact, and the prevalence of Black-led CDFIs. They examine CDFI funding sources, technical assistance, and preparation for approaching a CDFI. The episode also addresses combating predatory lending and offers insights into navigating lending for business acquisitions and franchises.
Amber Banks, President & CEO of the African American Alliance of CDFI CEOs.Amber leads the nation’s only organization dedicated to supporting Black-led Community Development Financial Institutions (CDFIs)—trusted lenders that help Black entrepreneurs access affordable capital, coaching, and financial tools when traditional banking falls short. Through The Alliance, Amber works closely with Black CDFI leaders who are on the front lines of advancing business ownership and homeownership in underserved communities. To find a CDFI in your area, visit www.aaacdfi.org
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This week on SmallBizChat Podcast:
Understanding CDFIs can provide black business owners with alternative funding sources that traditional banks often overlook.
CDFIs offer not only capital but also essential technical assistance and coaching to help small businesses thrive.
Being transparent about your business’s financial situation and understanding loan terms can help avoid predatory lending practices.
Resources Mentioned:
Online Courses: https://smallbizladyuniversity.com
Connect with Amber Banks:
Website: https://www.aaacdfi.orgInstagram: https://www.instagram.com/aaacdfiLinkedIn: https://www.linkedin.com/company/aaacdfiFacebook: https://www.facebook.com/alliancecdfiTwitter: https://twitter.com/aaacdfiYoutube: https://www.youtube.com/channel/UC5v4Oj7A_Qe7vsTn8gi-sRw
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