The National Credit Union Administration (NCUA) last week announced it would open a streamlined CDFI Application Qualifying Round beginning on September 12 and running just over a month through October 15.
What is a CDFI Fund?
A CDFI (Community Development Financial Institution) Certification is granted by the CDFI Fund, and provides financial services to specialized organizations in low-income communities and to people who lack access to financing. Since 2016, the NCUA and CDFI have worked together to simplify and expedite both the qualification and application process for low-income credit unions interested in attaining the designation.
In 2020, as recorded in the CDFI Fund’s Award Book, a total of 357 organizations received $187.3 million in funding, with credit unions accounted for 108 of these institutions, just over 30%.
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