Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUs are 13 of CDFI Funds native American program applicants
WASHINGTON (2/10/11)--The Community Development Financial Institutions Fund (CDFI Fund) announced a sharp jump in applications for grants and assistance under the FY 2011 round of its Native American CDFI Assistance (NACA) Program. The program, run under the auspices of the U.S. Treasury Department, saw nearly a 50% spike in both the number of applications and in total dollar amounts requested as compared to the 2010 round, “paralleling the rapid expansion of the Native CDFI industry in recent years”, a CDFI Fund announcement said. Loan funds made up the bulk of applicants at 82%, but for financial institutions credit union involvement was way ahead. Credit unions represented 13% of the applications, while banks, thrifts and holding companies comprised just 5% of the applicants. Applicants requested just a hair under $35 million in NACA financial assistance, technical assistance, or both. The CDFI Fund’s NACA Program addresses a lack of economic opportunity in Native communities by increasing access to capital and financial services. The financial and technical assistance is intended to foster the development and expansion of Native CDFIs. According to Treasury, the Native CDFI industry has grown from just 14 certified Native CDFIs in 2001 to 59 as of December 2010, with an additional 60 preparing for certification. “I am delighted to see the strong growth in applications for the NACA Program as Native CDFIs continue their critical work overcoming barriers to capital and promoting economic development in Native communities,” said CDFI Fund Director Donna Gambrell in a release. “Native communities face critical economic challenges and Native CDFIs are providing the leadership and stability to expand opportunity and create lasting change in the communities they serve.” Use the resource link below for more information on Treasury’s CDFI Fund and its programs.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
13 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
15 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
16 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
16 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
16 hours ago