WASHINGTON (9/25/13)--More than $21 million in funds will be released to 35 low-income credit unions through the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).
"The fiscal year 2013 round of the CDFI Program provides more awards than any other round in the CDFI Fund's history," said CDFI Fund Director Donna Gambrell. In total, $150,289,499 in Financial Assistance and Technical Assistance awards will be provided to 148 awardees.
"By expanding the reach and impact of this program to more organizations, the CDFI Fund is supporting more economic development efforts than ever before to bring new life to struggling communities," Gambrell added.
Overall, Fiscal Year 2013 CDFI program applicants requested a total of $410.8 million, which was a $15 million jump over last year's requests of nearly $395.7 million. Credit unions made 73 requests for a total of around $77 million in funds.
The CDFI fund helps locally based financial institutions--including credit unions--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.
The credit unions that received funds are: 1st Bergen FCU, Hackensack, N.J.; Alliance CU, Fenton, Mo.; ASI FCU, Harahan, La.; Cascade Forest Products CU, Vancouver, Wash.; Choices FCU, St. Louis, Mo.; East River Development Alliance FCU, Long Island City, N.Y.; Electro Savings CU, St. Louis, Mo.; Express CU, Seattle, Wash.; First Light FCU, El Paso, Texas; FM Financial CU, Flint, Mich.; GECU, El Paso, Texas; Greater Abbeville FCU, Abbeville, S.C.; GTE FCU, Tampa, Fla.; and Guadalupe CU, Santa Fe, N.M.
Others include Gulf Coast Community FCU, Gulfport, Miss.; Hope FCU, Jackson, Miss.; Jefferson Financial CU, Metairie, La.; Joplin Metro CU, Joplin, Mo.; KC Terminal Employees/Guadalupe Center FCU; Kansas City, Mo.; Latino Community CU, Durham, N.C.; New York University FCU, New York, N.Y.; North Coast CU, Rocky River, Ohio; Nueva Esperanza Community CU, Toledo, Ohio; Opportunities CU, Winooski, Vt.; Poplar Bluff FCU, Poplar Bluff, Mo.; Santa Cruz Community CU, Santa Cruz, Calif.; Self-Help FCU, Durham, N.C.; Shreveport FCU, Shreveport, La.; South Central Missouri CU, Willow Springs, Mo.; St. Louis Community CU, St. Louis, Mo.; Syracuse Cooperative FCU, Syracuse, N.Y.; TMH FCU, Tallahassee, Fla.; Unite Burlington CU, St. Louis, Mo.; and United CU, Mexico, Mo.
For more on this year's CDFI Fund awards, use the resource link.