55 Credit Unions Among Those Receiving Grants from Treasury’s CDFI Fund
Wednesday, September 20, 2017
CUToday.info (September 19, 2017) - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $208.7 million in awards, with 55 credit unions among those receiving funds. The total includes funds awarded through the Native American CDFI Assistance Program, which awarded funds to one CU: White Earth Reservation FCU in Mahnomen, Minn., which received $127,000.
The CDFI Fund awarded a total of $39.4 million to credit unions. Twenty-five of the credit unions were first-time awardees. A complete list of the CUs receiving funds can be found in the CDFI Program Award Book here in CUToday.info’s The Vault. A complete list of CU winners can be found below as compiled by the National Federation of CDCUs in New York.
"The Federation is pleased that a larger number of credit unions received awards this year. We know that credit unions are one of the most effective mechanisms to leverage CDFI capital and to empower LMI communities by helping transform the lives of low-income residents and small business owners through the use of credit union products and services," says Pablo DeFilippi, Federation senior vice president of membership and network engagement. "The increase in the number of CDFI certified credit unions this year 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 number and size of the awards credit unions receive."
The awards, through the fiscal year (FY) 2017 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 Treasury Department said.
“We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in Persistent Poverty Counties.”
For the FY 2017 CDFI Program round, the CDFI Fund awarded $171.1 million in Financial Assistance and Technical Assistance to 265 organizations in 46 states and the District of Columbia. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. In addition, the CDFI Fund awarded $22 million to 13 CDFIs through the Healthy Food Financing Initiative Financial Assistance awards (HFFI-FA), a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. For the FY 2017 round, the CDFI Fund received applications from 434 eligible organizations requesting more than $567 million through the CDFI Program and more than $112 million through the Healthy Food Financing Initiative.
The CDFI Fund also awarded $15.6 million in FY 2017 NACA Program Financial Assistance and Technical Assistance to 38 organizations in 21 states.