Community Development Certification Brings Opportunity for the Greater Puget Sound

Verity is now certified as a Community Development Financial Institution (CDFI), allowing for new opportunities to better serve historically underserved communities across the Greater Puget Sound.

Receiving a CDFI designation means Verity can access the U.S. Treasury Department’s Community Development Financial Institutions Fund, a federally-created monetary fund to help CDFIs promote economic revitalization and community development for reaching financially vulnerable communities.

“The heartbeat of our organization is to help each and every person in the greater Washington community prosper,” said Tonita Webb, Verity CEO. “Achieving the certification was instrumental in our effort to reach all of our communities, especially those that are currently not being served by financial and other business organizations. It puts us in a better position to serve our current and potential members.”

Procuring this grant funding will allow us to partner with historically underserved communities to co- create programs, products, and services that center the needs of our community. Examples of what that looks like in action would be partnering to foster generational wealth building through homeownership for BIPOC families and individuals, and partnering with the Islamic community to create Sharia-compliant loans.

What is a CDFI?

CDFIs are financial organizations that have a common goal of fostering economic opportunities in low-income communities and revitalizing neighborhoods through efforts like helping families finance their first homes, supporting community small businesses, and investing in community centers including schools and health care.

CDFIs can be more than credit unions and banks. They can also include venture capital providers, microloan funds, loan funds, and more. The application and approval process is rigorous to ensure the federal funds are managed appropriately and reach communities the fund is intended to support.

Since the CDFI Fund was created in 1994, more than $5.2 billion has been awarded to organizations. View additional CDFIs in the Puget Sound region.

What’s next for Verity?

With the CDFI designation, Verity is now eligible to apply for grants through the CDFI Fund.  Once we apply and are awarded the grant be on the lookout for more information about what plans and opportunities are next.