The $73 million, 9,500-member Bridgeway Federal Credit Union in Poughkeepsie, N.Y., has beenrecognized as a community development financial institution by theCommunity Development Financial Institutions fund.

Becoming recognized as a CDFI by the Treasury Department programallows the credit union to compete for grants from the CDFI fund totrain its staff as financial counselors and to fund specificprograms and products such as micro-lending and predatory loanalternative products.

Bridgeport FCU's CEO, Michelle McCourt, said the credit union has a long history ofworking with financially underserved members and their communitiesand that going through the process to obtain CDFI recognition wouldenable Bridgeway to keep up this work.

“This certification provides more opportunities through the CDFIFund to apply for grants that will develop more products for thisspecialized market we serve,” McCourt said.

“Since we are the only CDFI-certified financial institution inour area, individuals who need our resources will have greateraccess that comes along with the capacity building of CDFIcertification and U.S. Treasury funding,” McCourt added.

“As a partner, we can achieve more together than operatingindividually. By combining our efforts with partners, we willenhance the financial and social well-being of our communities,”she said.

“Congratulations to Bridgeway FCU for its certification. Thisachievement will allow the credit union to increase its reach tothe underbanked with the services they desperately need forfinancial footing,” says CU Strategic Planning's CEO ChuckCockburn, whose firm helped Bridgeway navigate the CDFI applicationprocess.

“As a result of these efforts, Bridgeway FCU's members andcommunity will greatly benefit. The credit union, in turn, willenhance its visibility as a trusted financial resource, which willultimately increase its value for future growth,” Cockburnsaid.