48 Credit Unions Get $70 Million From Community Development Initiative
Forty-eight community development credit unions that applied for funds from the U.S. Treasury Department's Community Development Capital Initiative received them by the time the program distribution closed last week.
The credit unions received almost $70 million in the form of long-term, low-interest loans that they could use to supplement their capital.
But Rosenthal acknowledged that while the distribution represented a triumph for CDCUs, the moment was slightly bittersweet because relatively few credit unions persevered through the entire application process until they received the funds.
Rosenthal and other sources attributed the low number to several different factors, including a complicated and conservative application process and the trouble some CUs had with the terms of the CDCI loans.