Credit unions that have been recognized as community development financial institutions by the U.S. Treasury have a chance to obtain some unprecedented loan guarantees if they can organize themselves to take advantage of them.
The CDFI Bond Guarantee Program arose from the Small Business Jobs Act of 2010 and instructs Treasury to back the bonds or notes that CDFIs issue for investments in community or economic development work, according to the National Federation of Community Development Credit Unions.
The federation is spearheading the effort to help credit unions take advantage of the opportunity.
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