The U.S. Treasury Department has awarded $3.4 million in grants to 28 credit unions to support their programs as Community Development Financial Institutions.
Nine NCUA-insured credit unions, representing 104,628 members with $917.1 million in assets, received $1 million, while 19 credit unions in Puerto Rico that are outside of NCUA jurisdiction received $2.4 million.
The credit unions were among 73 organizations receiving $9.2 million in technical assistance grants from the CDFI Fund.
The CDFI program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. Award recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures and build staff lending capacity.
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