Lower Valley Credit Union recieves CDFI Certification
SUNNYSIDE, WA (March 27, 2014) — Lower Valley Credit Union announces its certification by the US Treasury’s Community Development Financial Institutions (CDFI) Fund. There are 808 certified CDFI’s in the US, including loan funds, credit unions, and community banks. LVCU is only one of six credit unions which have received their CDFI certification in Washington, and the only credit union to be certified and located in the eastern half of the state. To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities.
CDFI certification allows Lower Valley Credit Union to better serve the low and moderate-income consumers and promote financial inclusion in the Lower Yakima Valley. The benefits of certification include access to financial grants from the CDFI Fund, access to New Market Tax Credits, and the enhanced ability to raise third-part funds. Prior to certification, Lower Valley Credit Union had received its Low Income Designation from the National Association of Credit Unions (NCUA), providing Lower Valley Credit Union with the option to accept deposits from non-members, offer secondary capital accounts, and receive exemption from the aggregate limit on certain areas of their lending.
“Receiving the Community Development Financial Institution (CDFI) Certification is an essential building block for our future. The increased accessibility to grants funding which we can leverage to lend deeper into the needs of our community will be a powerful and beneficial tool for the Lower Valley communities,” stated Suzy Fonseca, President/CEO of Lower Valley Credit Union.
Lower Valley Credit Union was recently awarded the 2014 CUTimes national Trailblazer award for “Outstanding Service to the Underserved.” The award recognized Lower Valley Credit Union’s work with the under-banked and underserved in the Yakima Valley. Lower Valley Credit Union is dedicated to serving their members by building strong relationships, and providing beneficial and affordable products.
Lower Valley Credit Union worked with the National Federation of Community Development Credit Unions’ consulting group, CU Breakthrough, on their CDFI certification. “CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community,” says Pablo DeFilippi, VP of Business Development at the Federation. “Low income designation combined with CDFI certification are the building blocks for sustainable growth in communities in the Yakima Valley and throughout Washington.
About Lower Valley Credit Union
Lower Valley Credit Union is a $64 million, Low Income Designated credit union deeply rooted in Washington State’s Lower Yakima Valley. Headquartered in Sunnyside, the credit union also operates branches in Prosser and Grandview, and will open a new headquarters in Sunnyside in the fall. LVCU is dedicated to serving its members through a wide array of products and services, including free checking and savings accounts, loans, mortgages, IRAs, certificates, and more! Visit www.lvcu.org, add LVCU on Facebook, and follow us on Twitter @lowervalleycu.