Grant applications from credit unions that are recognized as community development financial institutions to the U.S. Treasury's CDFI Fund may face stiff competition, the fund's data suggested.
According to the CDFI Fund, 35 credit unions out of 273 overall CDFIs applied for financial assistance grants out of its 2011 funding round. That represents less than 13% of the total number of institutions that applied by the November deadline for financial assistance, according to the data.
The 35 credit unions applied for over $54 million in financial assistance grants from the fund, or about 12% of the more than $454 million in financial assistance that CDFIs requested.
"CDFIs across the nation continue their critical work on the front-lines of bringing economic recovery to all communities. The resources being requested this round demonstrates the strength and resilience of the CDFI industry," said CDFI Fund Director Donna Gambrell.
"Though the economy is showing clear signs of recovery, recovery is occurring much slower in our nation's low-income communities. The CDFI Fund is poised to ensure its resources are awarded and disbursed to the CDFIs serving these communities as expeditiously as possible."