WASHINGTON (9/29/09)--Two federal credit unions were among the 10 awardees receiving $4.4 million from the Department of the Treasury’s Native American Community Development Financial Institutions (CDFI) Assistance (NACA) Program. First Hawaiian Homes FCU, Hoolehua, Hawaii, was awarded $225,000, and Molokai Community FCU, Kaunakakai, received $470,000, according to the NACA website. Neither credit union has received official notification of the awards, and therefore are declining comment at this time, a spokeswoman for First Hawaiian Homes FCU, told News Now
Monday. The CDFI Fund’s Native Initiatives work to increase access to credit, capital and financial services in communities by creating and expanding CDFIs primarily serving Native communities. This is achieved through two initiatives:
* A funding program--the NACA program--targeted to increasing the number and capacity of existing or new Native CDFIs; and * A complementary series of training programs, called “Expanding Native Opportunities,” that seeks to foster the development of new Native CDFIs, strengthen the operational capacity of existing Native CDFIs, and guide Native CDFIs in the creation of important financial education and asset building programs for their communities.
The Treasury’s CDFI Fund announced the awards are being made with fiscal year 2009 appropriated dollars. The awardees are in eight states--Alaska, Arizona, Hawaii, New Mexico, North Carolina, Oklahoma, South Dakota and Wisconsin. “The growth in Native CDFIs is a remarkable accomplishment and their increasing reach and impact within the Native communities they serve have been tremendous,” said CDFI Fund Director Donna J. Gambrell. “We are committed to working with Native CDFIs to increase economic opportunities and bring all Native communities into the nation’s economic mainstream,” she added. “I am confident that the CDFI Fund’s new five-year Native Initiatives Strategic Plan, which lays out our long-term, comprehensive strategy to overcoming the barriers to capital in Native communities, will greatly advance these commitments.”