Abrigo Joins Opportunity Finance Network as Ally for CDFIs

Austin, Texas - May 18, 2021 - Abrigo, the leading technology provider of compliance, credit risk, and lending solutions for community financial institutions, is a new Ally member of the Opportunity Finance Network (OFN), the national association of community development financial institutions (CDFIs). With this new partnership, Abrigo aims to be a stronger advocate and supporter of the important work CDFIs are doing in communities across the country. 

OFN provides capital, advocacy, and capacity building to help member and non-member CDFIs create impact in rural, urban, and Native communities nationwide.

“We’ve worked with CDFIs in the past to automate loan origination and expedite loan turnaround for these organizations. The faster they can make smart loans to support their communities, the faster they can advance another small business or community member,” said Jay Blandford, President at Abrigo. As an Ally member of the OFN, Abrigo will support the OFN and its membership, which includes about 300 CDFIs with nearly $27 billion in assets.

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There are more than 1,200 CDFIs nationwide, working to support underserved communities that may lack access to traditional financing. Many of these CDFIs participated in the Paycheck Protection Program (PPP) to provide additional support to businesses and their employees throughout the pandemic. Now and until remaining funds are depleted, PPP funding for new applications is only available through CDFIs and minority owned institutions.

Bank of the Bay, a CDFI in San Francisco, participated in the PPP: “It made the difference between survival and going out of business, unfortunately, for many businesses,” said President and Chief Executive William S. Keller, of Bank of the Bay in an interview with Abrigo.

During the PPP, more than 400 financial institutions, including CDFIs, leveraged Abrigo’s SBA Lending Solution to collect PPP applications and process for forgiveness. As of May 5, more than $34 billion of applications have been processed through the Abrigo solution.

“CDFIs closely align with our own mission to Make Big Things Happen for small business and communities. The PPP brought to light how we can help these specialized lenders and loan funds make the most out of their limited resources,” Blandford added.

For more information about the OFN, visit https://ofn.org/. For more information about Abrigo, visit www.abrigo.com.

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