Fourteen credit unions and organizations that work with credit unions received $1.5 million apiece from the latest round of awards from the U.S. Treasury's Community Development Financial Institutions Fund.
Their totals were part of more $28 million that went to 27 credit unions and supporting organizations.
“Every community deserves to have access to basic financial products and services, from bank accounts to affordable home and car loans. The CDFI Program provides access to rural and urban communities across the country by investing in local financial institutions that serve these communities,” said Deputy Treasury Secretary Neal Wolin.
“Today’s awards will provide much-needed capital to help community-based financial institutions offer products and services that would otherwise be out of reach for thousands of low-income Americans,” Wolin said.
The CDFI Fund made awards of more than $142 million to 155 community development financial institutions around the country and announced the awards yesterday in Chicago.
The awards included $1.5 million to the National Federation of Community Development Credit Unions, a trade association, CDFI and supporting organization for CDCUs, and to the North Carolina Minority Support Center, a CDFI that works with CDCUs in North Carolina.
“We are delighted at the strong showing of CDCUs in the new round of funding from the Community Development Financial Institutions Fund,” National Federation CEO Cliff Rosenthal said. “CDCU winners, plus awards to the Federation and our colleagues at the North Carolina Minority Support Center, totaled nearly $28.7 million. The 25 awards to credit unions out of 155 total awards to all CDFIs represent 18.06% of awards. The total amount of $28,696,617 made to credit unions and credit union support organizations, compared to the $142,302,667 made to all CDFIs, represents 20.17% of award dollars. This is a very good showing for our movement by historical standards.”