Sussex County Federal Credit Union receives CDFI Certification
Promotes financial inclusion in Sussex County, DE
SEAFORD, DE (October 7, 2014) – Sussex County Federal Credit Union announces its certification by the US Treasury’s Community Development Financial Institutions (CDFI) Fund. There are 808 certified CDFIs in the US, including loan funds, credit unions and community banks. 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 Sussex County Federal Credit Union to better serve the low and moderate-income consumers and promote financial inclusion in Sussex County, DE; it is the only credit union in DE to obtain this distinguished certification. The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and the enhanced ability to raise funds from foundations, corporations and state and local governments. Prior to certification, Sussex County FCU had received Low Income Designation from the National Credit Union Administration (NCUA), providing Sussex County FCU with the option to accept deposits from non-members, to offer secondary capital accounts and receive exemption from the aggregate limit on member business lending.
When asked how CDFI certification can benefit the existing and potential members of Sussex County FCU, CEO, Pamela Fleuette, explained, “We’ve always had a commitment to supporting outreach in the communities where we live and work, but CDFI certification allows us to do that on an even deeper level. This certification could allow for the expansion of programs such as credit counseling, financial literacy, and anti-predatory lending programs. It opens up a host of funding initiatives that can help diversify and strengthen our local economy.”
Sussex County FCU worked with the National Federation of Community Development Credit Unions’ consulting group, CU Breakthrough, on 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 Membership and Business Development at the Federation. “Low income designation combined with CDFI certification are the building blocks for sustainable growth in communities in Sussex County, DE.”
For more than 55 years, Sussex County Federal Credit Union has existed as a not-for-profit, member-owned and operated financial institution; serving those who live, work, worship, attend school and/or volunteer in Sussex County or the City of Milford. Visit www.sussexcfcu.com or a local branch in Lewes, Milford, Millsboro or Seaford.