CDFI Fund Provides $15 Million to Industry
Twenty-four credit unions or credit union organizations received grant assistance from the U.S. Treasury Department’s Community Development Financial Institutions Fund in the latest round of funding.
The twenty-two credit unions and two credit union organizations, the National Federation of Community Development Credit Unions and the El Paso Credit Union Affordable Housing LLC, represent entities in 13 states. Collectively, they received $15.3 million, or a bit more than 10% of the more than $149 million the fund distributed.
Donna Gambrell, director of the CDFI Fund, highlighted how the awards will benefit what the fund called “a broad swath of Americans.” Gambrell said the 2012 awards will increase the capacity of CDFIs serving low-income and native communities across the country. “This year’s awardees will continue to provide vital financial services in low-income areas that are typically overlooked by traditional lenders.”
Rep. Gwen Moore (D-Wis.) attended the event in Milwaukee, which was held at Antigua, a restaurant that got its start with the help of loans and financial education provided by the Wisconsin Women’s Business Initiative Corp., a local CDFI and 2012 CDFI program awardee. The restaurant has created 19 new jobs for the local community and demonstrates how CDFIs play a critical role supporting local entrepreneurs and small businesses spur job creation and economic growth in communities across the country, the fund said.
“The financial assistance and educational resources provided by the CDFI and NACA programs here in Milwaukee are critical to our community’s growth and building a strong, robust economy,” said Rep. Moore.
The credit unions that won awards are the ASI Federal Credit Union, Harahan, La.; Bethex Federal Credit Union, Brooklyn, N.Y.; Bridgeway Federal Credit Union, Poughkeepsie, N.Y.; Brooklyn Cooperative Federal Credit Union, Brooklyn, N.Y.; Caddo Parish Teachers Federal Credit Union, Shreveport, La.; Citizens Community Credit Union, Devils Lake, N.D.; Communicating Arts Credit Union, Detroit; Coshocton Federal Credit Union, Coshocton, Ohio; Guadalupe Credit Union, Santa Fe, N.M.; JetStream Federal Credit Union, Miami Lakes, Fla.; Kerr County Federal Credit Union, Kerrville, Texas; Kingsville Community Federal Credit Union, Kingsville, Texas; Latino Community Credit Union, Durham, N.Y.; Lower East Side People's Federal Credit Union, New York; NATCO Credit Union, Richmond, Ind.; Neighborhood Trust Federal Credit Union, New York; Opportunities Credit Union, Winooski, Vt.; Pacoima Development Federal Credit Union, Pacoima, Calif.; Self Help Federal Credit Union, Durham, N.C.; Shreveport Federal Credit Union, Shreveport, La.; Syracuse Cooperative Federal Credit Union, Syracuse, N.Y.; Thurston Union of Low-Income People Cooperative Credit Union, Olympia, Wash.