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Hawaiian CU now CDFI approved
WASHINGTON (8/10/11)--Honolulu, Hawaii’s The Queen’s FCU is one of three new financial institutions that were added to the U.S. Treasury’s list of approved Community Development Financial Institutions (CDFI) in July. The Treasury's CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community. CDFI Fund distributions are merit-based. There are now 957 approved CDFIs, according to the Treasury. The credit union also was added to the list of institutions approved under the CDFI Fund’s Native American CDFI Assistance (NACA) Program, which addresses a lack of economic opportunity in Native communities by increasing access to capital and financial services. The credit union works with native Hawaiian healthcare workers and is a designated a low-income credit union. The CDFI Fund in a release noted that development services provided by the credit union include mortgage loan seminars, loan counseling, and overdraft and payday lender education. The CDFI Fund last month awarded $25.7 million in funds to 25 credit unions under the fiscal year 2011 round of the CDFI Fund's cornerstone program, the Community Development Financial Institutions Program. The awards will help the specialized, community-based financial institutions spur local economic growth and recovery, and expand access to affordable financial products and services. Credit union awards represented 18.06% of the number of CDFI Fund awards granted in this round. For the CDFI Fund’s release, use the resource link.
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