Community Capital for Small Businesses

A Study of the CDFI and CDC Ecosystem in Massachusetts

Published Date : June 27, 2024

Prepared in partnership with P2 Advisors, this new study explores small business lending services provided by federally certified Community Development Finance Institutions (CDFIs) and state certified Community Development Corporations (CDCs). Through a survey of 22 CDFIs and CDCs, we find these organizations doubled capital deployment to Massachusetts underserved small business with federal recovery funds. However, the sector remains relatively small compared to leading states and it faces significant long-term funding challenges with federal resources spent down. The report offers a cross-sector strategy to capitalize the community finance sector and grow the impact of CDFIs and CDCs in Massachusetts.

Meet The Authors

Matt Brewster

Advisor, P2 Advisors

Meaghan Phillips

Independent Consultant

Elise Rapoza

Senior Research Associate, MassINC

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