WASHINGTON—U.S. Senators John Boozman (R-AR) and Steve Daines (R-MT) joined Community Development Finance (CDF) Caucus co-chairs Senators Mike Crapo (R-ID) and Mark Warner (D-VA) to introduce a bipartisan measure that would strengthen and improve Community Development Financial Institutions (CDFI) Fund operations. The Access to Fair Financing for Opportunity and Resilient Development (AFFORD) Act would benefit small businesses, community banks and credit unions in underserved and rural communities across Arkansas by easing access to capital and growing economic opportunity.

“Small businesses and the communities they serve rely on the support of local lenders that underpin our regional and national economy,” said Boozman. “Increasing access to capital and encouraging economic opportunity — especially in rural and underserved areas — is a commonsense and bipartisan way to increase entrepreneurialism and prosperity in Arkansas and beyond.”  

Specifically, the AFFORD Act would extend and enhance the CDFI Bond Guarantee Program to enable participation by smaller CDFIs and reauthorize the CDFI Liquidity Enhancement Program to increase CDFI lending capacity.

The measure is cosponsored by Senators Tina Smith (D-MN), Mike Rounds (R-SD), Jim Risch (R-ID), Chuck Schumer (D-NY), Amy Klobuchar (D-MN), John Hickenlooper (D-CO), Cory Booker (D-NJ), Chris Van Hollen (D-MD), Jim Justice (R-WV), Deb Fischer (R-NE), Andy Kim (D-NJ), Roger Wicker (R-MS), Kirsten Gillibrand (D-NY), Chris Coons (D-DE), Tim Sheehy (R-MT), Gary Peters (D-MI), Dan Sullivan (R-AK), Michael Bennet (D-CO), Cindy Hyde-Smith (R-MS), Ron Wyden (D-OR), Katie Britt (R-AL), Dick Durbin (D-IL), Bill Cassidy, M.D. (R-LA), Lisa Murkowski (R-AK), Kevin Cramer (R-ND) and Martin Heinrich (D-NM). 

Bill text is available here.