June 4, 2025
At Tern Strategies, we believe that community development finance holds immense untapped potential — especially when mission-aligned investors are given the opportunity to participate directly. That’s why we’re proud to share a new resource developed in partnership with Stepping Stone Partners: a nationwide snapshot of CDFIs that are inviting investment from individuals and mission-driven institutions.
📄 Read the Full Report: CDFI Investment Brief 2025 – Tern Strategies & Stepping Stone Partners
This report highlights ninety-nine CDFIs across thirty-six states that currently accept investments from individuals or issue investment notes — opening up powerful, values-aligned opportunities for community investment.
The findings stem from a CDFI investment landscape analysis conducted through interviews and surveys with a wide range of stakeholders:
- Community development financial institutions
- Individual investors
- Asset managers
- Faith-based and nonprofit organizations
- Foundations committed to local economic resilience
In the briefing, we summarize the results and offer practical guidance for how investors — both institutional and individual — can align their capital with the mission and work of CDFIs.
We’re deeply grateful to our partners in this effort. Special thanks to the CDFI Research Consortium, an initiative of the Center for Impact Finance at the University of New Hampshire’s Carsey School of Public Policy, supported by Citi Foundation’s Community Finance Innovation Fund. We also extend appreciation to the American Sustainable Business Network (ASBN) for championing this work and hosting briefings to build awareness and momentum.
As more investors seek opportunities that prioritize impact alongside returns, we hope this report helps illuminate the breadth of options already available — and encourages further innovation, transparency, and accessibility in the community investing space.
— Liz Rogers, Tern Strategies & Pam Porter, Stepping Stone Partners