YCUP clients awarded $370,000 in TA grants
Marine Federal Credit Union, Members Credit Union, and Mills42 Federal Credit Union were awarded upwards of $125,000 each by the Treasury’s CDFI Fund.
SEATTLE, WA (October 15, 2019) — Your Credit Union Partner (YCUP) today announced that clients Marine Federal Credit Union (Marine) in Jacksonville, Florida; Members Credit Union (MCU) in Cos Cob, Connecticut; and Mills42 Federal Credit Union (Mills42) in Lowell, Massachusetts were among this year’s 73 U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund Technical Assistance grant recipients.
Marine was awarded $125,000 to fund a full-time financial counselor to provide comprehensive financial and credit counseling to its active-duty Marine personnel field of membership. MCU was awarded $120,000 to hire an additional full-time loan officer to increase lending activity to its underserved, low-income, and minority field of membership. Mills42 was awarded $125,000 to fund a new deposit-taking ATM to provide safe access to affordable checking and savings accounts for its underbanked, low-income, and minority community.
“Each year YCUP works with a select group of clients to develop their community development strategies and to support their pursuit of U.S. Treasury Grants,” said Scott Butterfield, principal, Your Credit Union Partner. “We are blessed to work with remarkable credit union leaders who make significant contributions to their members and the communities they serve. Their work inspires us and reminds us why credit unions were founded and what makes them relevant. We are pleased that all three of the CDFI Technical Assistance grants we submitted during the past round were fully funded for our credit union friends.”
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. Award recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. This year’s CDFI Technical Assistance grant recipients included 73 organizations and totaled more than $9.16 million in awards.
“For 25 years, the CDFI Fund’s Technical Assistance awards have helped CDFIs grow their organizations and better their capacity to provide financial products and services in low-income communities,” said CDFI Fund Director Jodie Harris. “The FY 2019 CDFI Program…recipients will continue that work in communities across the country, including 28 states and Puerto Rico.”
About Your Credit Union Partner
Founded in 2011, Your Credit Union Partner is the trusted advisor to over 200 credit unions throughout the United States and Great Britain. The YCUP team are respected veterans of the Credit Union Movement and understand first-hand the challenges and opportunities facing credit unions today. Since its founding, YCUP has been able to stay true to its business model of personalized services tailored to the unique needs of each of its individual clients.
For more information on the YCUP team, please visit www.yourcupartner.org.
About the CDFI Fund
The CDFI Fund was created to promote economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. Since its creation, the CDFI Fund has awarded over $2 billion to community development organizations and financial institutions; it has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $54 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. For more information, visit https://www.cdfifund.gov.
