Buckley, WA (November 25, 2024) |
Your Credit Union Partner (YCUP) proudly announced the success of 36 client credit unions in securing Technical Assistance (TA) grants from the U.S. Department of Treasury's Community Development Financial Institution (CDFI) Fund. The grant awards, announced on November 21, 2024, averaged $300,000 each, totaling $10.8 million. They will empower emerging and existing small CDFIs to enhance their services and extend financial inclusion to underserved communities across the United States.
“These grants are transformational for our clients, many of whom are preparing to become fully certified CDFIs in the next three years,” said Scott Butterfield, CUDE, Principal and Founder of YCUP. “The funding will directly support underserved communities through expanded lending, financial coaching, technology upgrades, and much-needed outreach initiatives.”
CDFI TA grants can fund a range of impactful initiatives, including:
- Hiring loan officers and community outreach specialists,
- Providing training in financial coaching and risk-based lending practices,
- Translating key documents to better serve Hispanic communities,
- Deploying ITMs (Interactive Teller Machines) in underserved areas,
- Implementing AI-driven technologies to reduce underwriting bias and expand loan accessibility, and
- Many other investments that increase a credit union’s ability to serve underserve communities.
“The YCUP team played a significant role in helping our credit union secure this funding,” said Christie Smith, president/CEO of Acclaim FCU. “From navigating the requirements to developing a compelling application, we are incredibly appreciative of this organization’s support!”
This year’s list of awardees also includes YCUP’s smallest client at $4 million in assets. Both CDFI-certified credit unions and non-certified credit unions can apply for TA grants. Non-certified credit unions can apply through the CDFI’s Emerging CDFI program.
For those considering CDFI certification or grants, Butterfield recommends starting with the planning process with the Board so that everyone understands the strategic imperative of accessing this transformative funding.
According to Inclusiv, CDFI-certified credit unions outperform the average credit union in several critical growth metrics, including membership growth, loan growth, and share growth.
“YCUP has facilitated over 500 strategic planning sessions and developed hundreds of funded CDFI grant strategies,” said Butterfield. “Over the past 14 years, I’ve witnessed how a well-crafted strategic plan and thoughtful CDFI grant proposal can elevate smaller credit unions, enabling them to provide affordable financial services to historically underserved markets.”