By Charlene Crowell, Center for Responsible Lending
A March 16 executive order slashed budgets and staff in agencies vital to minority and underserved communities. The Minority Business Development Agency (MBDA), which helped secure $3.2 billion in contracts and 23,000 jobs in 2024, now has only three employees. The Community Development Financial Institutions (CDFI) Fund—key to financing small businesses and affordable housing—also faces cutbacks. Despite bipartisan support and proven success attracting private investment, both agencies were targeted under the guise of reducing government “waste.” Critics, including Rep. Maxine Waters, warn these cuts betray communities still struggling against systemic economic exclusion.