CDCUs Get More Than $25M In Federal Funding

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WASHINGTON – The Treasury Department announced today that 25 credit union organizations received more than $25 million in funding under this year’s round of the Community Development Financial Institutions program.

The biggest recipients winning $1.5 million each were: ASI FCU, Brooklyn Cooperative FCU, First Legacy Community FCU, Fairfax County FCU, Hope FCU, Industrial CU of Whatcom County, Latno Community CU, Lower East Side Peoples FCU, Mendo Lake CU, Communicating Arts CU and Self-Help CU. The National Federation of Community Development CUs and the North Carolina Minority Support Center, an group of North Carolina CDCUS, also received $1.5 million.

Other winners are: Pelican State CU, People for People CDCU, Shreveport FCU, Xavier University Employees FCU, MariSol FCU, Holy Rosary CU, Hawaii First FCU, Freedom First FCU, Episcopal Community FCU, Coshocton FCU, Community CU of Southern Humboldt and Choices FCU.

The fund awarded a total of $144.3 million to 155 organizations in 40 states under this year’s funding, the largest round of funding in the programs 12-year history.

 

The credit unions plans to use the funds this way:

MariSol FCU in Phoenix will use its $750,000 to support the opening of a remote branch and to increase its capital reserves;

Community CU of Southern Humboldt in Garberville, Calif, will use its $258,250 to expand financial counseling services, to train staff, to increase loan loss reserves, and to provide an additional $1.5 million in loans to 1,500 low-income customers;

Hawaii First FCU will use its $1.2 million for capital reserves and operations;

ASI FCU in the New Orleans suburb of Harahan, La., will use its $1.5 million to increase lending through loan loss reserves, to provide new financial services, and to increase training services that will positively impact its target market;

Shreveport FCU will use its $1.2 million to fund loan loss reserves for its micro-business, mortgage, and consumer loan products, and to support and to expand its financial education program;

Hope FCU will use its $1.5 million for affordable mortgage lending.

 

 

The credit unions plans to use the funds this way:
MariSol FCU in Phoenix will use its $750,000 to support the opening of a remote branch and to increase its capital reserves;
Community CU of Southern Humboldt in Garberville, Calif, will use its $258,250 to expand financial counseling services, to train staff, to increase loan loss reserves, and to provide an additional $1.5 million in loans to 1,500 low-income customers;
Hawaii First FCU will use its $1.2 million for capital reserves and operations;
ASI FCU in the New Orleans suburb of Harahan, La., will use its $1.5 million to increase lending 
through loan loss reserves, to provide new financial services, and to increase training services 
that will positively impact its target market;
Shreveport FCU will use its $1.2 million to fund loan loss reserves for its micro-business, mortgage, and consumer loan products, and to support and to expand its financial education program;

Hope FCU will use its $1.5 million for affordable mortgage lending. 

 

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