NEW YORK — Two noted Community Development Credit Unions have been have been named as semifinalists for the NEXT Awards For Opportunity Finance. The awards are sponsored by Wachovia Bank, funded by the John and Catherine T. MacArthur Foundation, and include opportunities for low-cost loans and grants.

The two CDCUs are the $285 million ASI FCU, headquartered in the New Orleans area and the $20 million Lower East Side People's Federal Credit Union (LESPFCU), headquartered in New York City. The two are competing for prizes in different categories so they are not competing head to head, according to the National Federation of Community Development Credit Unions.

Should it win, ASI FCU could receive a $5 million below-market loan plus a $500,000 unrestricted grant. LESPFCU stands to win a $2.5 million in below-market loans plus a $250,000 unrestricted grant., according to the federation.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.