CEFCU expands used-auto program w/ $600K CDFI grant

The Treasury’s Community Development Financial Institutions (CDFI) Fund awarded Cutting Edge FCU (CEFCU) a $600,000 in grant funding to expand the credit union’s affordable used-auto loan program for low-income members. CEFCU has branch offices in Milwaukie, Oregon and Lewiston, Idaho.

“It’s no secret that reliable transportation provides access to jobs, and allows families to work extra shifts,” said CEFCU CEO Brady Howe. “Unfortunately, many families are disadvantaged because of limited public transportation and the unwillingness of some financial institutions to serve the lower-income, credit-challenged, and unbanked. This damages the community, considering many families here are minimum-wage workers more likely to fall victim to predatory auto-loan programs.”

Because many in the community have lower earnings, tighter cash flow and challenged credit, they’re currently forced to use non-traditional financial service providers – such as “Buy Here, Pay Here” auto dealers, check-cashers, and payday lenders – when they need credit.


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