CDFI Revolving Loan Fund Awards $790K

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NCUA said its community development revolving loan fund awarded five loans for a total of $790,000 in December, one of its most active months ever, as the fund provided almost $4 million in assistance for low-income credit unions in 2002, the most in its 20-year history.

The loans approved last month went to: Coastal Waters FCU, Mobile, Ala. ($100,000); America's Best Community FCU, Hermiston, Ore. ($200,000); Kekaha FCU, Kekaha, Ha. ($200,000); and two separate loans to Molokai Community FCU, Kaunakakei, Ha. ($100,000 and $190,000).

The fund, which has doubled in size over the past six years to almost $14 million, issued 24 loans for a total of $3.3 million last year, the most ever, and awarded 230 technical assistance grants totaling $668,044.

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