CDFI Fund Announces Historic Number of Technical Assistance Awards for Credit Unions and Financial Cooperatives
Twenty-Nine Credit Unions - including 20 financial cooperatives in Puerto Rico - Receive Over $3.5 Million in Technical Assistance Grants
For Immediate Release
New York, NY (September 24, 2019) - Last week, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced the results of the 2019 CDFI Program Technical Assistance Awards Round. Inclusiv congratulates the twenty-nine credit unions and financial cooperatives from 9 states and Puerto Rico that received $3.6 million in Technical Assistance awards, the largest number of credit unions and financial cooperatives to have received awards in a single Technical Assistance funding round. These grants will allow certified and emerging credit unions and financial cooperatives to build their capacity to serve low-income and underserved consumers in the communities they represent.
“The results of this grant round demonstrate the growing recognition of the critical work community development credit unions are doing in their communities to promote financial inclusion by creating more inclusive and equitable local economies. We encourage CDCU’s to take advantage of the benefits and opportunities that the Technical Assistance award offers,” said Cathie Mahon, CEO of Inclusiv.
At the Inclusiv Conference in Los Angeles, California last week, CDFI Fund Director Jodie Harris highlighted the impact of credit unions in promoting financial inclusion and economic security. The Inclusiv Conference is the only credit union conference that brings together industry leaders each year to share best practices and explore topics such as diversity, equity and inclusion, building more resilient and equitable communities, and CDFI certification.
The Fund announcement highlights the commitment of the CDFI Fund to the recovery and rebuilding of Puerto Rico in the aftermath of Hurricane Maria. Twenty financial cooperatives from the island were among the institutions that received $125,000 each in awards totaling $2.5 million.
“We are grateful to see this deployment of resources to community owned CDCU’s that have become engines of local revitalization throughout Puerto Rico. This is the first time in the island’s history that financial cooperatives received such a substantial investment from the U.S. Treasury Department. We thank the CDFI Fund for their collaboration with Inclusiv to educate financial cooperatives about the benefits of CDFI certification,” said Pablo DeFilippi, SVP of Membership and Network Engagement at Inclusiv.
Inclusiv is the industry authority on CDFI, advocating for CDCU’s and channeling resources to expand their financial inclusion and community development initiatives. Inclusiv promotes CDFI certification as a means for mission driven credit unions to build their capacity to meet the needs of financially underserved populations.
FY 2019 CDFI Program Technical Assistance Awards to Inclusiv Members
- BuenaCoop, Aguas Buenas, PR
- Coop Ahorro y Credito Lomas Verdes, Bayamon, PR
- CooPACA, Arecibo, PR
- Cooperativa A/C Rodriguez Hidalgo, Coamo, PR
- Cooperativa de A/C de Maunabo, Maunabo, PR
- Cooperativa de A/C de Salinas, Salinas, Pr
- Cooperativa de Ahorro y Credito Aibonitena, Aibonito, PR
- Cooperativa de Ahorro y Credito Cidrena, Cidra, PR
- Cooperativa de Ahorro y Credito De Camuy, Camuy, PR
- Cooperativa de Ahorro y Credito de Jayuya Incorporada, Jayuya, PR
- Cooperativa de Ahorro y Credito de Juana Diaz, Juana Diaz, PR
- Cooperativa de Ahorro y Credito de Rincon, Rincon, PR
- Cooperativa de Ahorro y Credito de Yauco, Yauco, PR
- Cooperativa de Ahorro y Credito Jesus Obrero, Caguas, PR
- Cooperativa de Ahorro y Credito Padre MacDonald, Ponce, PR
- Cooperativa Roosevelt Roads, Fajardo, PR
- East End Food Coop FCU, Pittsburgh, PA
- Episcopal Community FCU, Los Angeles, CA
- FloridaCoop, Florida, PR
- LARCOOP, Lares, PR
- Light Commerce CU, Houston, TX
- Members Credit Union, Cos Cob, CT
- Park Manor Christian Church CU, Chicago, IL
- Southern Teachers & Parents FCU, Baton Rouge, LA