WASHINGTON – Nine community development credit unions were awarded more than $17 million in grants from the Treasury’s Community Development Financial Institutions Fund yesterday to use to expand lending and their branch networks.
Latino Community CU, one of the biggest recipients of CDFI funds in recent years, will receive $2 million to build two additional branches; Alternatives FCU will receive $2 million to expand beyond its single branch and expand lending and First Legacy Community CU got $2 million and will add a branch.
Several CDCUs will use the money to fund loan losses reserves and expand into new markets.
ASI FCU, Mendo Lake CU, Opportunities CU, Communicating Arts CU and Santa Cruz Community CU , also got $2 million grants and Brooklyn Cooperative FCU got $1.15 million.
The credit union grants were part of $90 million of funding awarded 59 institutions under the CDFI Fund’s Economic Recovery round. The CDFI grants are usually awarded in the early fall, but Treasury officials want to get the money out on the street as early as possible as another way to fuel the economic recovery.
