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CU System
Federation Accepting Applications for Secondary Cap Loans
NEW YORK (12/20/13)--The National Federation of Community Development Credit Unions is accepting applications for secondary capital loans and other deposits through its Community Development Investment Program (CDIP).
 
The deadline is Jan. 6 for federation members to apply for this round of investments.
 
CDIP provides capital resources to federation member community development credit unions (CDCUs) that are seeking funds to increase liquidity, boost net worth, mitigate risk and launch innovative products. Secondary capital loans are limited to low-income designated credit unions.
 
CDIP also is accepting applications for predatory relief and intervention deposits (PRIDEs) and microenterprise deposits.
 
PRIDEs partially collateralize loans that CDCUs make to combat high-cost, predatory lending in their local communities. Deposits of up to $100,000 are available for payday loan alternatives, auto title lending, assistive technology and tax anticipation lending.
 
Microenterprise deposits partially collateralize microbusiness loans to expand CDCU lending in local communities.
 
For applications and more information, use the link.
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