WASHINGTON (3/2/12)--A total of 44 credit unions have applied for a combined $59 million in funding during the 2012 round of the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund.
Twenty-four of those credit unions applied for technical assistance (TA) grants. Twenty applied for financial assistance (FA) grants.
In total, 403 credit unions, banks, loan funds, venture capital funds, thrifts, and holding companies applied for the $123 million in funds that will be disbursed this year. The FY 2012 applicants requested almost $395.7 million, with FA applicants requesting $384.3 million and TA applicants requesting $11.4 million. Applicants for FA are from 46 states plus the District of Columbia and Puerto Rico; TA applicants are from 38 states plus the District of Columbia and Puerto Rico.
A total of 393 institutions applied for funding during last year's round.
CDFI Fund Director Donna Gambrell said "the response to this year's round demonstrates that there is still work to be done in many communities across our nation and that there is continued need for the flexible capital that the CDFI Program provides. These CDFIs are on the frontlines of these economically distressed communities, and are providing critically needed financial products and services to those who often have no alternatives."
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.
The fund awarded $142,302,667 to 155 institutions, including 25 credit unions, last year, in the largest single round of monetary awards since the CDFI Fund program began in 1994.
The CDFI Fund eclipsed $1 billion in total awards in 2011.
This year's recipients will be announced in the summer, the release said.
For the CDFI Fund release, use the resource link.