YCUP clients awarded $3.6 million in CDFI grant funding
ELGA, Greylock, Lewis and Clark, NATCO, and Nutmeg State Financial Credit Unions were among 55 credit unions serving underserved communities awarded money by the U.S. Treasury’s Fund this year
SEATTLE, WA (October 10, 2017) — Your Credit Union Partner (YCUP) today congratulated five client credit unions on the Community Development Financial Institution (CDFI) Fund grant awards totaling a combined $3.6 million.
ELGA Credit Union, Burton, Michigan; Greylock Federal Credit Union, Pittsfield, Massachusetts; Lewis and Clark Credit Union, Lewiston, Idaho; NATCO Credit Union, Richmond, Indiana; and Nutmeg State Financial Credit Union, Rocky Hill, Connecticut, were among those YCUP clients awarded by the Fund.
“We want to congratulate our friends on their grant awards, and thank them for allowing us the opportunity to collaborate on the development of their community development strategies to better serve the underserved in their respective communities,” said Scott Butterfield, principal of YCUP. “Each year, we write a handful of grants for our clients – but that’s not a primary part of our work. We spend more time helping credit unions create unique business strategies for sustainable community-development programs. It’s thrilling to contemplate the number of lower-income consumers, small family farmers and unbanked immigrants who will be personally touched by these individual awards.”
The $3,612,500 these five credit unions collectively received will be used by the credit unions to help lower-income, working-class families, small family farmers, and Latino immigrants improve financial skills, gain access to affordable credit, and build assets. Butterfield also congratulates the great work of The National Federation of Community Development Credit Unions for their efforts in advocating for the CDFI Fund and community development focused credit unions.
“These credit unions received grants because each has a strong track record of serving lower-income and underserved consumers, consistently strong credit union financial performance, and a robust and sustainable community development business plan to expand their service into their underserved communities,” Butterfield explained.
“Giving back to our communities is at the core of what we do,” said Lisa Asadourian, Senior Vice President and Chief Engagement Officer at Nutmeg State Financial Credit Union. “With our grant, we will be able to help so many underserved and emerging markets build their financial foundations. We are proud to stand behind families that are working to build, or rebuild, their lives to give themselves a better future.”
The U.S. Department of the Treasury’s CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions. This year, the Fund approved grants and loans to 265 organizations totaling $171 million. Fifty-five credit unions were given 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.
“We’re fortunate to have found the perfect partner in YCUP,” concluded Karen Church, CEO of ELGA Credit Union. “The YCUP team helped us understand how the services we provide to so many low-income members are exactly what the Fund is for. YCUP helped us refine our CDFI strategy and community-outreach plan to support our ongoing legacy of serving the underserved. We are delighted to have received a CDFI grant, and will leverage the award dollars more than 10 times in loans to help people gain affordable access to credit-building activities.”
About Your Credit Union Partner
Scott Butterfield, CUDE, founded Your Credit Union Partner in 2011 to help credit unions grow, become more efficient, and increase profitability. Today, the consulting firm is the trusted advisor of more than 200 credit unions across the United States. For more information, visit http://www.yourcupartner.org.
About the CDFI Program
The U.S. Department of the Treasury’s CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIs). Since its creation in 1994, the CDFI Fund has awarded more than $2 billion to community development organizations and financial institutions. For more information, visit www.cdfifund.gov/cdfi.