The National Federation of Community Development Credit Unions is launching a concerted effort to help community development credit unions apply for money available from the Treasury's Community Development Financial Institutions Fund.
The CDFI Fund was appropriated additional funds as part of the economic stimulus package and has been slated for additional funding in the budget for the next fiscal year, but National Federation CEO Cliff Rosenthal said that only roughly 85 CDCUs had been certified as a CDFIs and were thus eligible for CDFI funding.
"This is going to be a major focus of ours for the balance of this year," said Rosenthal. "We have always promoted CDFI certification, but it's always been a challenge, particularly for our smaller members. Now we are going to really push it and make as much of a staff as possible available to help."
The CDFI Fund has reopened the application window for credit unions and other CDFIs that have not already applied for funds and is allowing those that have already applied to re-open their applications to seek more funds.
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