Community Development Financial Institutions (CDFIs) are financial institutions that are dedicated to promoting economic development by providing financial products and services to underserved people and communities. There are only 195 federally insured financial institutions in the country recognized as a CDFI, and New Haven Bank is the only one so designated in New Haven and the state of Connecticut.
The mission of these specialized community-based financial institutions is to develop long-term relationships with the communities they serve in order to promote financial literacy and deliver affordable loans for community members and small businesses. Through helping citizens become more financially self-sufficient, CDFIs serve as catalysts for economic growth through community redevelopment.