Federal Reserve Bank of San Francisco

Weathering the Great Recession: A CDFI Case Study in Patient Capital

September 1, 2015

This working paper looks at the lending performance of one CDFI, the Low Income Investment Fund (LIIF), through the Great Recession. Its authors argue that LIIF’s success weathering the downturn—relative to similarly-sized banks—is the direct result of a “patient capital” approach to portfolio management unique to the CDFI industry.

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