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News Now

Washington
CDFI Fund grants over 12M in funds to CUs
WASHINGTON (8/20/10)--Twenty-one credit unions were awarded a combined $12 million in funds via the 2010 round of the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund. Nearly one-third of the credit unions received $750,000 in funding, the highest amount awarded to any financial institution during this round. The National Federation of Community Development Credit Unions was also awarded $750,000 in funds. In total, credit unions and related organizations from 12 states and the District of Columbia received CDFI funds. This round of grants, which was announced Thursday and totaled $104.9 million in funding for 180 CDFI Fund-eligible institutions, is the largest combined amount to be awarded since the CDFI Fund program began in 1994. The CDFI Fund received $467 million in requests from 408 financial institutions during this round. CDFI Fund Director Donna Gambrell said that the awards “will enable CDFIs to expand their impact and to provide the critically needed loans, capital, and support that have been instrumental in establishing and sustaining successful small businesses.” The CDFI Program is funded via congressional appropriations and has awarded over $926 million to eligible CDFIs since its inception. For the CDFI Fund release, use the resource link.
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