- July 4, 2021
- Posted by: Stratford Team
- Category: Business
Efforts are advancing in Kern to establish a locally based financial institution that would help an underserved part of the county’s economy by making modest-size loans available to young and very small businesses that often struggle to get the financing they need.
At least three entities including Community Action Partnership of Kern have expressed interest in launching what’s called a community development financial institution, or CDFI. Such entities are typically organized as a nonprofit with a mission of serving a specific segment of the population, such as minorities or the poor.
One question that has arisen is how many CDFIs the local market can support. Two CDFIs based outside the area already operate in Kern, but the feeling among participants in the county’s B3K economic development initiative is that a locally based institution may provide unique benefits.
An additional consideration is what sort of business…
