As some credit unions around the country gear up to apply for grant money from the U.S. Treasury's Community Development Financial Institutions Fund, there are indications that credit unions are gradually becoming more sophisticated about navigating the grant writing process.
The CDFI fund announced that credit unions applying for grants this year will need to file their applications no later than the Feb. 28 and suggested that they do so three days in advance of the deadline to allow for any problems with the applications to be dealt with before the deadline. In addition, only credit unions that have been certified or recertified as CDFIs will be eligible to apply for funds this year, the Treasury Department said.
Those new requirements and conditions indicate how the CDFI certification and grant processes have remained challenging, according to specialists that help credit unions overcome the obstacles. But as years have passed and with the help of specialists, credit unions have gotten better at both becoming certified as CDFIs and applying for CDFI grants.
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