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Native CUs related group awarded CDFI program funds
WASHINGTON (8/25/11)—Three credit unions and one credit union-affiliated organization were among the recipients of the $11.8 million in funds distributed in the 2011 round of the Community Development Financial Institution (CDFI) Fund’s Native American CDFI Assistance (NACA) Program. The CDFI Fund this year awarded:
* $150,000 in technical assistance grants to Honolulu, Hawaii’s Aloha FCU; * $279,000 in financial assistance to Naalehu, Hawaii’s Ka’u FCU; * $149,560 in technical assistance grants to Kyle, South Dakota’s Lakota FCU Steering Committee; and * $24,950 in technical assistance grants to Honolulu, Hawaii’s The Queens FCU.
The Lakota FCU Steering Committee is working to establish a credit union to serve the more than 40,000 members of the Sioux tribe living on South Dakota’s Pine Ridge Reservation. The Queens FCU was approved as a CDFI Fund-eligible institution last month. The NACA program is designed to encourage the creation and strengthening of certified CDFIs that primarily serve Native American, Alaskan Native and Native Hawaiian communities. NACA funds may be used to finance capital or may be provided to financial institutions in the form of technical assistance grants. CDFI Fund Director Donna Gambrell said that the 2011 awards “clearly demonstrate the successful growth of the Native CDFI movement across the country." A total of 31 Native CDFIs received funding this year, and the NACA program saw an application increase of nearly 50% between 2011 and 2010. The amount of funds requested also increased by nearly 50%. Credit unions represented 13% of the total number of NACA applications for this round, the highest rate of any group of financial institutions. The CDFI Fund has provided more than $58 million in funds through this program since 2004. For more on the 2011 round of the CDFI Fund’s NACA program, use the resource link.
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