On the eve of International Women’s Day, I attended a network event organized by the Boston Chapter of the CDFI Women’s Network. It was exactly the right place to be: surrounded by a diverse group of women working across the social sector – addressing needs in housing, education, and small business development. What brought us together was a common desire to provide opportunity to those who are so often left out of the commercial financial sector. For us, we know that opportunity builds strength and capacity, and kindles one of the most powerful of human emotions: hope.
It was exciting to see a room of current and emerging leaders. The Economist’s 2019 Glass-Ceiling Index[1] said, “The latest data suggest progress for women at work has stalled.” Upon looking at how the data was measured, I realized it was greatly based on pay and seniority – simply not how success is measured in a mission-driven industry where strong leadership and impact are key. Reading this, I was once again reminded of how difficult it is for women to shatter the glass ceiling, and how impressive it is that so many women have managed to do it in the CDFI industry.
I see myself and so many of my colleagues and friends who have chosen to work with mission-driven organizations. Every person in that room could have chosen a corporate path, with double the compensation and all the accompanying perks (I know – I’ve been there). Driven by their passions and their missions, the CDFI women are making their mark as they strive for the greater good. The success of CDFIs is measured differently than in commercial lending organizations. The impact of the work we do helps those who need it most, and that is not something to be ignored.
That evening we all drew inspiration from a woman who was once unemployed, raising two kids and living with her mother, who had dreams of starting her own chocolate business. No commercial lender was willing to support her dream. It was the CDFI industry that gave her the hope she needed. Today, she owns a thriving business. If there is one takeaway from the evening, it is that in their own unique way, the women of the CDFI industry are shattering ceilings, and in doing so providing opportunity for countless others.