CDFI Fund Announces Over $33 Million to Credit Unions Serving Low-Income Communities
FOR IMMEDIATE RELEASE
New York, NY - (September 28, 2016) - The US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced grants and loans to 196 organizations totaling $185.7 million yesterday. Twenty-three awards were given to CDFI credit unions this year, with a share of $33.6 million. Eighteen awards were given to credit unions last year for a total amount of $34.9 million.
The National Federation of Community Development Credit Unions (Federation) advocates on behalf of low-income consumers to gain greater access to safe and responsible credit union products and services. As the leading CDFI advocate promoting financial inclusion, the Federation works to increase CDFI Fund investments in the growth and expansion of credit unions in some of this country's lowest income communities. "The Federation is pleased that a larger number of credit unions received awards this year. We know that credit unions are effective in leveraging CDFI capital and in working with their communities to transform the lives of low-income members through the use of credit union products and services," says Pablo DeFilippi, Federation vice president of membership and new business development. "The increase in the number of CDFI certified credit unions this year, resulting from the partnership between the US Treasury and NCUA, bodes well for a future with ever-increasing numbers of credit unions receiving awards to grow membership, deposits and loans. We will continue to work with the Fund to increase the size of the awards credit unions receive."
The Federation's CU Breakthrough team of consultants wrote the majority of credit union applications to receive awards this year. CU Breakthrough consultants are available to work with credit unions interested in the emerging market reviews and strategic planning that is the foundation of a successful award, as well as grantwriting. For more information visit www.inclusiv.org/expertise/consulting-services/.
The Federation congratulates all 2016 CDFI credit union awardees of Technical Assistance (TA), Financial Assistance (FA) and Healthy Food Financing Initiative Financial Assistance Awards (HFFI-FA):
Carter Federal Credit Union, Springhill, LA - $1,650,000
District Government Employees Federal Credit Union, Washington, DC - $1,373,250
Frankenmuth Credit Union, Frankenmuth, MI - $3,400,000 (combined FA and HFFI awards)
Freedom First Federal Credit Union, Roanoke, VA - $2,000,000
Guadalupe Credit Union, Santa Fe, NM - $2,000,000
Guardians Credit Union, West Palm Beach, FL - $1,483,000
Hope Enterprise Corporation, Jackson, MS - $900,000
Horizon Credit Union, Macon, MO - $1,650,000
Jefferson Financial Credit Union, Metairie, LA - $1,650,000
Kinecta Federal Credit Union, Manhattan Beach, CA - $2,000,000
MECU of Baltimore Inc., Baltimore, MD - $2,000,000
North Side Community Federal Credit Union, Chicago, IL - $124,905
Nueva Esperanza Community Credit Union, Toledo, OH - $56,607
Red River Mill Employees Federal Credit Union, Natchitoches, LA - $500,000
Royal Credit Union, Eau Claire, WI - $2,000,000
Self-Help Federal Credit Union, Durham, NC - $1,347,000
Suncoast Credit Union, Tampa, FL - $1,400,000
Tallahassee Leon Federal Credit Union, Tallahassee, FL - $1,768,250
The Focus Federal Credit Union, Oklahoma City, OK - $2,000,000
Trailhead Federal Credit Union, Portland, OR - $1,120,000
Travis Credit Union, Vacaville, CA - $2,000,000
US Community Credit Union, Nashville, TN - $2,000,000
Click here to see the full list of 2016 CDFI Program Awardees.
About the Federation
The National Federation of Community Development Credit Unions is a certified CDFI intermediary representing community development credit unions (CDCUs). The Federation's member CDCUs provide credit, savings, transaction services and financial education to more than 5 million residents of low-income urban, rural and reservation-based communities across the US, and hold over $52 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, visit www.inclusiv.org.
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Clarissa Ritter, Federation Marketing