CDFI Friendly Tulsa is bringing capital to Tulsa to address a range of unmet financing needs in communities of color.
Tulsa’s communities deserve more affordable, flexible financing options
Currently, Tulsa is underrepresented by CDFIs, with only two active small business lenders. However, the need for patient, flexible financing is extensive. CDFIs (Community Development Financial Institutions) provide a wide range of financing to borrowers who may be turned down by traditional lenders, like banks. Throughout the country, CDFIs lend in historically underserved communities to support affordable housing development, small business creation or growth, mortgages, car loans, and more. In fact, there are more than 1400 CDFIs managing over $450 billion in assets in the U.S. To see how Tulsa’s CDFI financing compares to the state and national averages click the button below.
CDFI Friendly Tulsa will address this need
In 2021, CDFI Friendly America began working with the Commemoration Fund of The Anne & Henry Zarrow Foundation, which initiated this CDFI Friendly effort to mark the centennial of the devastating Tulsa Race Massacre of 1921 and address the lasting negative impacts on black Tulsans. CDFI Friendly America’s assessment found substantial need for CDFI Financing in Tulsa, especially for affordable housing development. A Steering Committee of Tulsans who are engaged in community development was formed to determine how best to meet the identified needs.
In 2022, the Steering Committee and CDFI Friendly America created a plan and timeline for CDFI Friendly Tulsa to become operational. The goals of this effort are to create a dual-pronged nonprofit which includes a CDFI that can address financing needs for affordable housing projects combined with CDFI Friendly program that will focus on attracting partner CDFIs from across the country to finance community and commercial facilities, single-family home mortgages, consumer loans, and other vital needs.