FAQ

For a deeper understanding of CDFIs and to find answers to many general questions about the CDFI Friendly approach, please click through our helpful interactive presentation below.

General Questions

  • CDFI Friendly Tulsa is a strategy to increase fair and patient lending for Tulsa’s black-owned businesses, affordable homeownership, rental housing, and commercial real estate. CDFI Friendly Tulsa will work as a go-between, matching CDFIs (community development financial institutions) to residents, entrepreneurs, and nonprofits in Tulsa’s communities. CDFIs offer flexible capital to address gaps in underserved and under-invested communities.

  • CDFIs–or community development financial institutions–are private financial institutions dedicated 100% to benefitting low-income, low-wealth, and other under-resourced people and places. All CDFIs make loans, and some CDFIs are banks or credit unions that also provide vital savings and checking accounts, as well as payment services.

    There are more than 1,500 CDFIs working in all 50 states across the United States. They are not working in all communities, however. The CDFI Friendly strategy is a way of connecting some of those underserved communities to CDFI financing.

  • The CDFI Friendly Tulsa effort was initiated and funded by The Commemoration Fund of The Anne & Henry Zarrow Foundation. CDFI Friendly America created CDFI Friendly Tulsa in collaboration with a steering committee made up of Tulsan’s committed to community development. In January 2024, CDFI Friendly Tulsa’s Founding Director of CDFI Financing, Isaiah Coleman began work under the oversight and guidance of a Board of community leaders from a range of sectors. To learn more about Isaiah and view the list of Board members, click here.

  • As of 4Q 2022, there are only two CDFIs based in Tulsa, TEDC Creative Capital, which finances micro and small businesses; and Avanzando Juntos (formerly Mi Gente Loan Fund), which provides loans to Latinx small business owners and independent contractors. Other CDFIs have made loans here over the years, but there is a much greater need for CDFI loans and services.

Prospective Borrowers

  • If you need financing or technical assistance and would like to be referred to CDFIs who might be able to work with you, please fill out the brief inquiry form here. The information you provide will help us match you to CDFIs that offer the type of lending you are seeking. If you have questions before submitting the form, please email us at info@CDFIFriendlyTulsa.org.

    CDFI Friendly Tulsa does not make loans; it connects prospective borrowers with specialized lenders that exist to serve historically under-financed people, businesses, and communities to CDFIs (community development financial institutions). The CDFIs provide loans, technical assistance, and resources.

  • Shortly after submitting our CDFI referral inquiry form you will receive an email confirming the receipt of your information. If you do not receive it within 1 hour, please check your spam. Someone from our team will review the information you submitted and refer you to a CDFI that may be able to offer the financing or technical assistance you need. You will then receive a follow-up email with the contact information of the CDFI that has received your loan inquiry.

    Each CDFI has its own process for making loan decisions. The CDFIs you hear from will explain their loan application and review processes and answer your questions. CDFIs carefully evaluate each application, taking extra time to make sure you get a customized review and the most appropriate and affordable financing possible.

  • Each CDFI has its own application and underwriting process. The CDFI will tell you what documents and information you need to provide for the application process. We urge you to provide the information as soon as possible to get a quicker response.

    If you need guidance on preparing materials, please ask the CDFI that is requesting them. Many CDFIs offer technical assistance to help prospective borrowers prepare to apply for financing.

CDFIs

  • We are consistently receiving deals that need CDFI financing. If you’re interested in lending in Tulsa or want to learn more, please email us at info@cdfifriendlytulsa.org or fill out the form on our contact page. We look forward to hearing from you!