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Fund competition stiff CU share still low says group
NEW YORK (9/2/08)--Credit unions received 15% of the 89 awards announced Thursday by the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund. But they accounted for only 10.2% of the dollar amount, says the National Federation of Community Development Credit Unions (NFCDCU). While the fund has a large appropriation this year, competition was stiff, and credit union share of fund awards was still low, said the federation, with 225 organizations applying with more than $205 million in requests. The greatest number of requests and largest dollar amounts went to community development loan funds. Eight of the 26 credit union requests for Core and SECA grants, and five of 10 for technical assistance grants were funded. Nearly 90% of the credit union funding went to federation member CDCUs, said the federation. "We're delighted a significant number of credit unions received funding," said federation CEO Cliff Rosenthal. "Assistance from the CDFI Fund has helped to drive much of the innovation and expansion in the CDCU movement." He noted the funding for the coming year may be "the largest we've seen in quite a while. So we encourage CDCUs to get certified and apply in advance of the October deadlines." The federation believes "there is a lot of room for growth in credit union participation. For growth-oriented credit unions, there really is no resource comparable to the CDFI Fund," Rosenthal said. Certification applications for the next CDFI Fund funding round are due Oct. 1, and applications for funding are due Oct. 29, said the federation. The federation will conduct webinars on CDFI certification and application for credit unions, with the first, "Everything You Need to Know About Applying for Certification," scheduled for Sept. 9 at 3 p.m. For more information, contact Dan Apfel at 212-809-1850, ext. 220 or at dapfel@cdcu.coop.
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