Nearly four dozen credit unions this week received a total of $32 million in grants from the U.S. Treasury Department’s Community Development Financial Institutions Fund.
Those monies are on top of $3.5 million issued in September to 29 credit unions, for a total of $35.5 million spread across 75 institutions.
Overall the CDFI Fund awarded a total of $188.7 million in financial assistance to 288 institutions, including the credit unions, which received about 19% of total funding for the fiscal year.
The majority of the latest round of grants qualify as financial assistance, whereas the
Along with the $30 million in financial assistance issued this week, Hope Federal Credit Union in Jackson, Miss. Also received a $2 million award for the Healthy Food Financing Initiative.
Some of the larger financial assistance grants went to New Orleans Firemens Federal Credit Union, Metairie, La. ($1,029,000), Centric Federal Credit Union, Monroe, La. ($799,000) and Firstlight Federal Credit Union, El Paso, Texas ($799,000).
Of the 75 CUs to receive grant funding, 54 are members of Inclusiv.
Officials said the monies will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the U.S. Specifically, the awards will be used to increase the volume of products and services (72% of recipients), provide new products and services (19%), expand into new geographic areas (8%), or serve new targeted populations (1%).
