Cutting CDFI Fund Will Make it Harder for Small Businesses to Succeed
Statement by John Arensmeyer, Founder & CEO of Small Business Majority, in response to a U.S. Senate vote to cut funding for the Community Development Financial Institutions Fund
It is deeply disappointing that the U.S. Senate voted today to substantially cut the annual budget for the Community Development Financial Institutions (CDFI) Fund as part of appropriations for 2019 given how important this program is for small business owners who need funding.
Today's vote will likely ensure the CDFI Fund receives $34 million less than under the FY2018 budget. Reducing the CDFI Fund would drastically decrease investment in small businesses in underserved communities; for every $1 awarded by the CDFI Fund, $12 in financing is generated. Small business owners-particularly women, entrepreneurs of color and other underserved populations-already face significant hurdles accessing capital. In fact, Small Business Majority's scientific opinion polling found the lack of access to capital is a serious concern for virtually all small firms, with 90 percent of small business owners agreeing that the availability of small business loans is a problem. Cutting the CDFI Fund will only exacerbate this issue.
Despite this distressing development, the Senate did deliver some good news: It voted to fully fund the Small Business Administration (SBA) at $741 million, increasing the SBA budget by $41 million over FY2018. The SBA is a vital resource for America’s small businesses, providing invaluable technical assistance and support.
Since both the U.S. House of Representatives and U.S. Senate have already voted to cut the CDFI Fund budget, we urge President Trump to recognize the importance of this resource to our nation's job creators and ask Congress to restore the CDFI Fund to at least its FY2018 level.
About Small Business Majority
Small Business Majority was founded and is run by small business owners to ensure America’s entrepreneurs are a key part of a thriving and inclusive economy. We actively engage our network of more than 58,000 small business owners in support of public policy solutions and deliver information and resources to entrepreneurs that promote small business growth. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about key issues impacting small businesses and freelancers.
Simon Brown - Media Relations Manager, (202) 535-3229, firstname.lastname@example.org
Learn more about us on our website - www.smallbusinessmajority.org
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