NEW YORK — The National Federation of Community Development Credit Unions has announced that 2007 saw it raise record amounts of capital for its member community development credit unions.
The federation reported that it has raised $10.5 million investments or commitment to investments in 2007 at the same time that new investments in individual CDCUs hit $8.8 million. The investments meant that total assets under federation management hit $38.4 million with 121 CDCUs participating in the program, using money from 32 investors.
The program helps CDCUs with deposits and loans in the form of secondary capital.
“We launched this program 25 years ago with a vision that if we could raise grant funding and low-interest debt, we could begin investing in member CDCUs at below-market rates, helping them implement high-impact programs to better serve their communities,” explained federation President/CEO Clifford N. Rosenthal, one of the architects of the federation’s investment program.