Credit unions: Be aware of changes to CDFI application process
CDFI grant applicants must take immediate action
TACOMA, WA (September 13, 2019) — Beginning in the fiscal year 2020 application round, all Community Development Financial Institutions Fund Program and NACA Program Financial Assistance applicants must be certified CDFIs as of the date the Notice of Funds Availability, as published in the Federal Register.
The CDFI Fund will no longer process funding applications and CDFI certification applications simultaneously for applicants. Any organization that is not a certified CDFI as of the date the NOFA is published in the Federal Register that applies without prior certification “will be found ineligible for that funding round,” CDFI announced.
“In the past a credit union could submit both at the same time,” Jamie Strayer, founder of CU Strategic Planning said. “These applications take 90 days for approval, which means credit unions seeking CDFI certification for the purposes of receiving funding next year must begin right now. If you miss out on this round of funding, it will be 2022 before your credit union is eligible to apply for CDFI grant funding again. That’s a long wait when you have members in need to serve!”
The CDFI Fund announced that it is tentatively planning to publish the NOFA for the FY 2020 CDFI Program application round in early 2020. The CDFI certification application page can be found here.
CDFI Financial Assistance awards are up to $1 million to help boost usage of products and services, provide new services, expand operations or service new targeted populations. Technical Assistance awards are available up to $125,000, which can be used to purchase new equipment, hire consulting experts, pay salaries and benefits or train staff and volunteers.
If your credit union is already certified, great, but you must ensure your Annual Certification and Data Collection Report is submitted on time to maintain certification. The report submission deadline is based upon your organization’s fiscal yearend date.
“CU Strategic Planning is accepting only 10 new clients when we open our waiting list on October 1,” Strayer emphasized. “If credit unions have questions about their certification status or application process, CU Strategic Planning is always pleased to help. We write more award-winning CDFI grants than anyone else in the country.”
About CU Strategic Planning
Since 2008, CU Strategic Planning has provided business planning services for credit unions, focusing on community development. The company is the No. 1 CDFI certification, grant-writing and compliance firm for credit unions in the country. Through grants, strategic and tactical planning, community summit facilitation and more, CU Strategic Planning achieves its mission to unlock opportunities for credit unions to change lives and their communities. CU Strategic Planning’s expert consulting includes securing and managing compliance for $945 million in US Treasury CDFI grants and related award funding.
