Financing Minority Communities
We believe that healthy economies and communities must be built on a strong foundation of fairness and opportunity. The Domini Social Bond Fund invests in a number of Community Development Financial Institutions (CDFIs)—banks and credit unions whose primary missions are to serve low income, minority, women, and immigrant communities historically underserved by traditional financial institutions.
The following CDFIs in the Fund’s portfolio all serve minority communities that are often excluded from the mainstream financial industry:
- Latino Community Credit Union provides housing loans for North Carolina’s Hispanic communities and low-income customers. It was established to respond to a wave of robberies and muggings of Latino immigrants in Durham. As of September 2013, 95 percent of the Credit Union’s members were low-income, and 75 percent were previously unbanked.
- ProAmerica Bank is a Latino-owned bank in Los Angeles providing tailored financial products and services specifically for small-and-medium-sized businesses, with a focus on the Hispanic business community. ProAmerica plays a pivotal role in developing entrepreneurship and job growth in Latino communities.
- Bank 2 is owned by the Chickasaw Nation, headquartered in Oklahoma City. Bank 2 is the nation’s largest provider of home loans for Native Americans, and it now extends loans to Native-American-owned small businesses to help the Chickasaw people and other Native Americans build better lives. Native Americans have the highest poverty and unemployment rates among all races.