As a Certified Community Development Financial Institution (CDFI), Magnolia is mission driven
At our core, we are committed to providing financial services that meet the diverse needs of individuals and communities who have been typically underserved by traditional banks.
CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. In order to become a certified CDFI, financial institutions must:
•Have a primary mission of promoting community development
•Provide financial products and services
•Serve one or more defined low-income target markets
•Be a legal non-government entity
We are proud to be a CDFI for the Jackson Metro Area
Here’s why:
•The median family income is over 30% lower than national median family income
•An estimated 20% of people living near our locations live below the poverty level
•77% of our service areas qualify as CDFI investment areas
•More than 60% of our service areas are Persistent Poverty Counties
While location is important, we believe CDFIs should be defined by what they do, not just where they are located
We offer a range of products and services that meet specific needs of the people in our communities. We even have offerings designed for people with low credit scores or no credit histories including:
•No credit score checking accounts
•Low- or no-score auto loans
•Short-term, Small-dollar Loans
•Share-secured Visa cards
•Credit building loans
