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Illinois CDCU granted 232000 from CDFI Fund
NAPERVILLE, Ill. (11/20/08)--North Side Community FCU (NSCFCU) was recently presented with a $232,000 grant from the Community Development Financial Institutions Fund (CDFI) during a visit to the credit union by CDFI Fund Director Donna Gambrell.
Click to view larger imageDonna Gambrell (seated in center holding check), director of the Community Development Financial Institution Fund (CDFI), is joined by Jim Masini, board chair (seated left), and Ed Jacob, CEO (seated right), both of North Side Community FCU, and credit union members, staff and supporters as Gambrell presents the credit union with a CDFI Fund grant of $232,000. (Photo provided by the Illinois Credit Union League)
The grant will be used to support the expansion of the credit union’s New Americans Loan Program and mortgage lending programs. A portion of the funds will upgrade its technology and add online banking for its members. “With her new position as head of the Office of Homeownership Preservation, Gambrell was able to hear firsthand how North Side's Housing and Urban Development-certified housing counseling program has been able to help keep people in their homes,” said Ed Jacob, CEO, NSCFCU. “With the contraction in the credit markets, CDFIs such as North Side Community FCU will be in greater demand by low-income individuals and businesses as a source of capital for borrowers to finance investments in distressed communities,” Gambrell said. “The CDFI Fund’s award to North Side will increase its resources to carry out this important lending responsibility.” The CDFI Fund was created to promote economic revitalization and community development through investment in and assistance to CDFIs. The CDFI Fund is a part of the U.S. Department of the Treasury. NSCFCU is a $7 million CDFI.


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