CDFI fund announces $39.2 million in FA awards to 66 credit unions and cooperativas
Credit Unions receive 28% of Funding (BASE FA and PPC), a historic high!
NEW YORK, NY (December 10, 2021) — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 265 Community Development Financial Institutions (CDFIs) and Native American CDFI Assistance Program (NACA Program) institutions $180.3 million in Financial Assistance (FA) awards. Technical Assistance (TA) awards were announced in September. Inclusiv congratulates all awardees!
This year, awards totaling $39,217,720 were awarded to 66 CDFI credit unions and financial cooperatives from Puerto Rico.
We congratulate all the credit unions that were awarded this round as these funding opportunities are the direct result of the impactful work CDFI credit unions do in the communities they serve and the advocacy work Inclusiv does on their behalf, said Chriselle Martinez, CDFI Program Director at Inclusiv.
With support from CUNA Mutual Group and our industry partners, Inclusiv has been working intensively to promote the value of the CDFI certification and educate credit unions about funding opportunities. At over 400 institutions, CDFI certified credit unions are at all time peak. Many more may be eligible and we urge credit unions to reach out to us to determine their eligibility and participate in these communities. There still are $1.7 billion available for grant funding as part of the original $3.2 billion included in the economic recovery bill passed in December 2020.
2021 has been a historic year for CDFI credit unions. In addition to the Financial Assistance Awards, 13 credit unions received $2.8 million to scale up Small Dollar Loans; another 94 credit unions received $11.7 million in Technical Assistance Grants; and 244 CDFI credit unions received $404 million in grants as part of the Rapid Response Program. The $458 million channeled to credit unions this year, has almost doubled the amount our industry has received since the inception of the CDFI Fund in 1996.
The awards from these programs will support Community Development Financial Institutions that provide affordable financing and accessible financial services to low-income communities and financially underserved populations across the country. View more information about all of the FY 2021 CDFI Program and NACA Program awards below.
FY 2021 CDFI Program and NACA Program Award Resources:
Congratulations to all awardees! Click here or below for the complete list of FY 2021 FA Award Recipients.
At Inclusiv, we believe that financial inclusion is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities.
Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs).
Inclusiv members serve nearly 18 million residents of low-income urban, rural and reservation-based communities across the US and hold over $260 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI, Alburquerque, NM, Atlanta, GA, and San Juan, PR.