CDFI Fund Awards $45.8 Million to 111 Credit Unions

CDFI Fund Awards $45.8 Million to 111 Credit Unions for FY 2020 to Support Investment in Underserved Communities

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 397 Community Development Financial Institutions (CDFIs) $185.4 million in Financial Assistance (FA) and $18.7 million in Technical Assistance (TA) totaling $204.1 million in awards.

"We are delighted that this round recognizes the contributions of CDFI credit unions of all sizes in serving underserved communities. Inclusiv is pleased to have worked with so many credit unions to access the Fund and the work is truly paying off. The number of minority designated credit unions and first time award winners is a game changer,” said Cathie Mahon, President/CEO of Inclusiv.

This year, 112 awards totaling $45.8 million, were awarded to 111 CDFI credit unions and 13 were first-time awardees.

The awards to credit unions were distributed as follows:

  • 53 for Technical Assistance ($6.6 million)
  • 55 for Financial Assistance ($35.1 million)
  • 1 for Healthy Food ($2.8 million)
  • 3 for Native American CDFI Assistance Program (NACA) ($1.4 million)
The awards, through the fiscal year FY 2020 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.

In addition to the current awards, pending legislation could potentially create between $2.9 and $5 billion in additional CDFI funding.

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 2020 CDFI Program and NACA Program awards below.

FY 2020 CDFI Program and NACA Program Award Resources:
Congratulations to all awardees! Click here for the complete list of FY 2020 FA and TA Award Recipients. Inclusiv members that received awards this year are listed in the link below.

2020 Inclusiv CDFI Fund Awardees

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