CDFI Fund announces over $39 million to credit unions serving low-income communities
NEW YORK, NY (September 20, 2017) — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced grants and loans to 265 organizations totaling $171 million today. Fifty-five credit unions were given CDFI awards this year for a total of $39.4 million. The total amount of funding directed to the credit union industry since the inception of the CDFI Fund is $291 million!
The National Federation of Community Development Credit Unions (Federation) advocates on behalf of low-income consumers to gain greater access to safe and responsible credit union products and services. As the leading CDFI advocate promoting financial inclusion, the Federation works to increase CDFI Fund investments in the growth and expansion of credit unions in some of this country’s lowest income communities.
“The Federation is pleased that a larger number of credit unions received awards this year. We know that credit unions are one of the most effective mechanisms to leverage CDFI capital and to empower LMI communities by helping transform the lives of low-income residents and small business owners through the use of credit union products and services,” says Pablo DeFilippi, Federation senior vice president of membership and network engagement. “The increase in the number of CDFI certified credit unions this year bodes well for a future with ever-increasing numbers of credit unions receiving awards to grow membership, deposits and loans. We will continue to work with the Fund to increase the number and size of the awards credit unions receive.”
The Federation’s CU Breakthrough team of consultants assisted 20 awardees with their Financial Assistance applications this funding round. CU Breakthrough consultants are available to work with credit unions interested in emerging market reviews and strategic planning that is the foundation of a successful CDFI award, as well as grantwriting. For more information visit www.cdcu.coop/expertise/consulting-services/.
The Federation congratulates all 2017 CDFI credit union awardees of Technical Assistance (TA), Financial Assistance (FA) and Healthy Food Financing Initiative Financial Assistance Awards (HFFI-FA)!
to see the full list of 2017 CDFI Program Awardees.
About The National Federation of Community Development Credit Unions
The National Federation of Community Development Credit Unions is a certified CDFI intermediary representing community development credit unions (CDCUs). The Federation's member CDCUs provide credit, savings, transaction services and financial education to more than 6 million residents of low- and moderate-income urban, rural and reservation-based communities across the US, and hold over $60 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, visit www.cdcu.coop.