Community Development Credit Unions are getting some assistance from the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund), as 23 CDFI credit unions received awards in this year's disbursement, totaling $33.6 million.
The National Federation of Community Development Credit Unions, which advocates on behalf of low-income consumers to gain greater access to safe and responsible credit union products and services, expressed happiness with this year's awards from the CDFI Fund.
"The Federation is pleased that a larger number of credit unions received awards this year. We know that credit unions are effective in leveraging CDFI capital and in working with their communities to transform the lives of low-income members through the use of credit union products and services," Pablo DeFilippi, the Federation's vice president of membership and new business development, said in a statement. "The increase in the number of CDFI certified credit unions this year, resulting from the partnership between the U.S. Treasury and NCUA, bodes well for a future with ever-increasing numbers of credit unions receiving awards to grow membership, deposits and loans. We will continue to work with the Fund to increase the size of the awards credit unions receive."
The Federation said its CU Breakthrough team of consultants wrote the majority of credit union applications to receive awards this year. The Federation said CU Breakthrough consultants are available to work with credit unions interested in the emerging market reviews and strategic planning that is the foundation of a successful award, as well as grant writing. For more information visit
The Federation congratulated all 2016 CDFI credit union awardees of Technical Assistance (TA), Financial Assistance (FA) and Healthy Food Financing Initiative Financial Assistance Awards (HFFI-FA). This year's credit union recipients are as follows:
Carter Federal Credit Union, Springhill, La., $1,650,000
District Government Employees FCU, Washington, D.C., $1,373,250
Frankenmuth CU, Frankenmuth, Mich., $3,400,000 (combined FA and HFFI awards)
Freedom First FCU, Roanoke, Va., $2,000,000
Guadalupe CU, Santa Fe, N.M., $2,000,000
Guardians CU, West Palm Beach, Fla., $1,483,000
Hope Enterprise Corporation, Jackson, Miss., $900,000
Horizon CU, Macon, Mo., $1,650,000
Jefferson Financial CU, Metairie, La., $1,650,000
Kinecta FCU, Manhattan Beach, Calif., $2,000,000
MECU of Baltimore Inc., Baltimore, $2,000,000
North Side Community FCU, Chicago, $124,905
Nueva Esperanza Community CU, Toledo, Ohio, $56,607
Red River Mill Employees FCU, Natchitoches, La., $500,000
Royal CU, Eau Claire, Wis., $2,000,000
Self-Help FCU, Durham, N.C., $1,347,000
Suncoast CU, Tampa, Fla., $1,400,000
Tallahassee Leon FCU, Tallahassee, Fla., $1,768,250
The Focus FCU, Oklahoma City, Okla., $2,000,000
Trailhead FCU, Portland, Ore., $1,120,000
Travis CU, Vacaville, Calif., $2,000,000
US Community CU, Nashville, Tenn., $2,000,000
This year the CDFI Fund announced grants and loans to 196 organizations totaling $185.7 million.
In 2015, 18 awards were given to credit unions for a total amount of $34.9 million.
