CDFI Fund Awards Almost $13 Million to Community Development CUs
The U.S. Treasury Department's Community Development Financial Institutions Fund has announced it will make almost $13 million available to qualified community development credit unions.
CDCUs that the fund has recognized as community development financial institutions were eligible to apply for the funds, which can be used to build up a CDCU's assets, underwrite a specific outreach or product or improve a CDCU's capabilities.
Joy Cousminer, CEO of Bethex Federal Credit Union, put the funding in scriptural terms.
"Our credit union is exactly 40 years old," she said, "and when the Jews left Egypt they had to wander the desert for 40 years before they were allowed into the Promised Land. We are looking at this as our 40 years in poverty, and we have finally reached the border of the Promised Land thanks to the CDFI Fund."