CDFI Fund Awards $35.5 Million to 75 Credit Unions for FY2019 to Support Investment in Underserved Communities
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 284 Community Development Financial Institutions (CDFIs) $188.7 million in Financial Assistance (FA) awards.
This year, 75 awards, totaling $35.5 million, were awarded to CDFI credit unions, 54 of which were awarded to Inclusiv member Community Development Credit Unions and 45 to first-time awardees.
The awards to credit unions were distributed as follows:
- 29 for Technical Assistance ($3.5 million total)
- 45 for Financial Assistance ($30 million)
- 1 for Healthy Food ($2 million)
The awards, through the fiscal year (FY) 2019 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation. The CDFI and NACA Programs also provide Technical Assistance awards to CDFIs and emerging CDFIs. The FY 2019 Technical Assistance Awards were announced on September 19, 2019.
The awards from these programs will support Community Development Financial Institutions that provide affordable financing and related services to low-income communities and populations that lack access to credit, capital, and financial services. View more information about all of the FY 2019 CDFI Program and NACA Program awards below.
FY 2019 CDFI Program and NACA Program Award Resources:
- FY 2019 CDFI Program Award Book
- FY 2019 NACA Program Award Book
- CDFI Program and NACA Program Financial Assistance Application Evaluation Process
- CDFI Program and NACA Program Technical Assistance Application Evaluation Process
Congratulations to all awardees! Click here for the complete list of FY 2019 FA and TA Award Recipients. Inclusiv members that received awards this year are listed below.
Inclusiv was instrumental in establishing the CDFI Fund in 1994, is a permanent member of the national CDFI Coalition and is the CDFI and community finance authority for the credit union industry. Our member CDCUs represent over 9.7 million members in low-income communities across the US, representing the majority of all CDFI-certified credit unions. Today, CDFI certification is an essential credential for credit unions with a focus on financial inclusion. Inclusiv is the credit union industry's best resource for learning more about certification and technical and financial assistance grants. For more information on our advocacy on behalf of CDFI credit unions, click here.
At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve over 9.7 million residents of low-income urban, rural and reservation-based communities across the US and hold over $99 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at Inclusiv.org and connect with us on Facebook , LinkedIn and Twitter.