Federal Reserve Bank
of San Francisco Federal Reserve Bank
of San Francisco

Community Development Innovation Review

The Community Development Innovation Review focuses on bridging the gap between theory and practice, from as many viewpoints as possible. The goal of this journal is to promote cross-sector dialogue around a range of emerging issues and related investments that advance economic resilience and mobility for low- and moderate-income communities.

  • Designing for Whom? Lessons from a Coordinated Relief Effort to Reach Student Loan Borrowers Most in Need

    Maria Lajewski and Nataly Sabharwal, Financial Health Network

    The development of two interventions focused on vulnerable student loan borrowers during the height of the pandemic provide key design lessons.

  • CDFI and Fintech Partnerships: A Promising Avenue for Affordable, Fast, and Equitably Distributed Small-Business Capital

    Gwendy Brown and Luz Urratia, Accion Opportunity Fund

    CDFIs and fintech can leverage each sector’s unique expertise for greater impact. This article shares key lessons for successful partnership.

  • Supporting Entrepreneurs: A Longitudinal Impact Study of Accion and Opportunity Fund Small Business Lending in the U.S.

    Cross-organization Writing Team From: Accion, Opportunity Fund, and Harder+Company Community Research

    For nearly 30 years, Accion Opportunity Fund has offered business capital and advice to the small businesses often left behind by conventional lenders—women, people of color, and entrepreneurs with limited income, little or no collateral, or imperfect credit. This type of mission-based, small-dollar lending has grown in recent decades with the recognition of the strong […]

  • Capital-Raising Among Depository Minority-Owned CDFIs Before the Covid-19 Pandemic

    Maude Toussaint-Comeau, Federal Reserve Bank of Chicago; Robin Newberger, Federal Reserve Bank of Chicago; Darline Augustine, City University of New York, Brooklyn College

    Capitalization is a fundamental aspect of viability of banks, at all periods, but especially so for smaller banks during periods of financial crisis. Minority banks, including those that are certified as Community Development Financial Institutions (CDFIs) were hit particularly hard during the financial crisis. Even as the economy recovered, analysis of data up to 2013 […]

  • A Qualitative Model for the Evaluation of Community Development Financial Institutions

    Caroline Smith Loyas, Impact Seven, Inc.

    This paper addresses a gap in evaluation research of Community Development Financial Institutions (CDFIs) in the United States and models a qualitative interview process that CDFIs can employ to develop a better understanding of how their lending affects borrowers and communities. The CDFI industry was established to deliver capital and technical assistance to borrowers, projects […]

  • Addressing the Capitalization and Financial Constraints of CDFI Microlenders

    Brett Simmons, Revolve; Jonathan Brereton, Revolve; Joyce Klein, Business Ownership Initiative, The Aspen Institute

    Community Development Financial Institution (CDFI) loan funds face a common capitalization challenge as they seek to grow—they must raise the net assets to enable the additional debt financing needed to support an expanding portfolio. Among CDFIs that focus on microlending—making small dollar loans of up to $50,000 to small businesses—the financial challenges are even greater, […]

  • Minority-Owned Enterprises and Access to Capital from Community Development Financial Institutions

    Mels G. de Zeeuw, Federal Reserve Bank of Atlanta; Victor E. da Motta, Sao Paulo School of Business Administration

    Small businesses are pivotal to local economic development in the United States. Among small businesses, minority-owned enterprises (MOEs) are noteworthy because they create a significant share of the jobs in majority-minority neighborhoods nationwide. MOEs are relatively more likely to encounter constraints in obtaining access to capital from financial institutions. Community Development Financial Institutions (CDFIs) provide […]

  • Just How Risky? Comparative Institutional Risks of Mission-based Depository Institutions (MBDIs)

    Gregory B. Fairchild, Darden Graduate School of Business, University of Virginia; Megan E. Juelfs, Institute for Business in Society, Darden Graduate School of Business, University of Virginia

    We examine the relative institutional failure risks for three sets of bank depositories: Community Development Banking Institutions (CDBIs), Minority Depositories (MDIs) and what we term Non-Mission Depository Institutions (hereafter, NMDIs). CDBIs have primary missions of community development and serving underserved populations; MDIs are typically led by minorities and serve minority populations (a single institution can […]

  • Arts and Culture from the Inside, Not Just on the Outside

    daniel johnson, Significant Developments

    On its journey to integrate arts and culture into its core operations and connect more deeply with visitors and area residents, the Jackson Medical Mall discovered that its staff was its most impactful cultural asset.

  • Dialogue on Organizing and Strengthening Social Fabric

    Grant Sunoo and Dominique Miller, Little Tokyo Service Center; Tom Faber and Joseph Claunch, Zuni Youth Enrichment Project; Facilitated by Lorrie Chang, PolicyLink

    An exploration of how strengthening the social fabric and promoting the cultural identity of communities can advance progress toward youth development and neighborhood preservation.