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News Now

Washington
177 CUs Eligible For CDFI Funding
WASHINGTON (12/20/13)--A total of 177 credit unions are now eligible to take part in the U.S. Treasury's 2014 Community Development Financial Institution (CDFI) program.

The Treasury on Thursday released a comprehensive list of CDFI-certified institutions. The list of 808 certified institutions includes credit unions, banks, thrifts, loan funds, venture capital funds and depository institution holding companies.

With this certification, these institutions are able to take part in Treasury programs that help them 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.

Credit unions made 73 requests for a total of around $77 million in funds for the 2013 fiscal year CDFI Fund program. More than $21 million in CDFI Fund awards and grants were released to 35 low-income credit unions. Up to $191 million in funds is being made available for the 2014 round of the program.

CDFI-certified credit unions may also apply for their share of $481,000 in technical assistance grants from the National Credit Union Administration. The agency this month announced low-income designated credit unions can apply for up to $16,500 in funds to help cover the costs of:
  • A new Community Development Financial Institution (CDFI) certification;
  • New products; and
  • Student internships.
The NCUA will accept applications until Feb. 14.


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