In December 2023, the CDFI Fund introduced a new certification process, requiring all CDFIs to undergo recertification. The revision sparked urgency among certified Alliance members to safeguard their status to prevent disruptions in funding and resources, while members pursuing certification for the first time needed tailored guidance to navigate the new requirements. To bridge this gap, the African American Alliance of CDFI CEOs (The Alliance) launched the CDFI Certification Readiness Accelerator (CCRA) program—an intensive 16-week program designed to help Black-led financial organizations achieve CDFI certification.
The program is structured into cohorts, each with seven member organizations that gain tools to navigate the revised certification process, identify organizational vulnerabilities, and take concrete steps toward submitting strong, competitive applications. In partnership with Friedman Associates, participants benefit from the guidance of an experienced CDFI consultant—addressing certification challenges while also laying the foundation for the CCRA to grow into a long-term, core offering of The Alliance. The goal is for members to remain well-positioned to access capital and continue driving impact in their communities for years to come.
Since launching in Fall 2024, CCRA has seen two cohorts successfully complete the program. A few CDFI certified participants shared that they applied to the program in hopes of receiving clear, targeted guidance rather than facing duplicative steps that would do little to enhance their recertification process.
With its direct relevance to the real-time demands of CDFI recertification, the CCRA was embraced by members as a practical solution to strengthen their readiness.
“We’ve been considering and working towards becoming more systematic,” said Jay Diallo, President & CEO of First Community Capital. “The training has guided us on the path of tightening and improving our processes, bringing us closer to aligning our documentation directly with CDFI Fund expectations. [Friedman Associates] provided technical depth, practical resources, and an understanding of the unique challenges Black-led CDFIs face.”
The MyFund Workbook App played a central role, offering a secure, cloud-based platform that streamlines application preparation through guided data entry, compliance checks, collaboration features, and actionable insights to easily navigate AMIS (the CDFI certification online portal). Complementing this, Friedman Associates provided peer learning sessions, office hours, and one-on-one technical assistance support, along with tailored deliverables with action items to remediate before participants submit their application. They also shared key findings and recommendations with The Alliance to help shape future cohorts.
“The CCRA program has prepared [Rende Progress Capital] to know the different questions and categories to be aware of in the CDFI Fund re-certification application,” said CQ Huynh, General Manager of Rende Progress Capital (RPC). “I am more educated and informed about the CDFI re-certification process because of this program. Also, my documentation, compliance, and internal processes have been improved, and I know what to do the next time.”
Systemic inequities often leave Black-led financial institutions underfunded compared to their peers. Securing large-scale investments, philanthropic partnerships, and government resources can be disproportionately difficult, while limited staffing and back-office infrastructure make it challenging to meet growing compliance and reporting requirements. At the same time, these institutions are tasked with closing capital gaps in credit, lending, and wealth-building opportunities which are barriers they must also navigate as financial organizations operating within an unequal system.
“Overall, CDFIs of color face the asset inequities that our White peers do not face according to the U.S. Treasury CDFI Fund Institutional Level Report,” said Eric K. Foster, Managing Director of RPC. “That report details the smaller asset size and capitalization we face compared to White-led CDFIs whose total assets in aggregate account for 90 percent of all CDFI loan fund assets. I believe that program offerings by The Alliance, like the CCRA program, can further equip us to address capital and programmatic inequities.”
CDFI Certification is a vital gateway for community organizations to access capital, partnerships, and growth. For Black-led CDFIs, it is especially critical to sustaining efforts that advance economic justice, support small businesses, and build wealth.
Lenwood V. Long, Sr., CEO of The Alliance stated, “Resourcing our Black-led CDFIs is essential. When we equip these institutions with targeted tools and support, they are better positioned to resource and serve our communities. This is the cycle of economic empowerment we are committed to sustaining.”
Through the CCRA, The Alliance reaffirms its commitment to equipping Black-led CDFIs with the tools to secure certification and expand their role in advancing economic justice.
