5/4/2021 Credit unions prove their commitment to promoting financial literacy among their members and communities time and time again. In fact, a recent ECONorthwest…Read more »
Three Northwest Credit Unions Awarded $1.9 Million in Community Development Financial Institutions Fund Grants
Awardees chosen from a field of 432 applicants to increase lending and investment in low-income communities.
The U.S. Department of the Treasury awarded three Northwest credit unions Community Development Financial Institutions Fund Grants totaling $1.9 million on Sept. 19. The recipients are: Freedom Northwest Credit Union in Idaho – $700,000; Cutting Edge Credit Union in Oregon – $600,000; and Lower Valley Credit Union in Washington – $600,000.
The U.S. Treasury’s CDFI Program is designed to build the capacity of these financial institutions, enabling them to grow lending and investment activity in low-income and economically distressed areas nationwide.
“CDFI grants are designed to support the good work credit unions are already doing in their communities to serve the underserved,” said Northwest Credit Union Association AVP of Regulatory Advocacy, John Trull. “As a result, people have access to financial products and services that they would not otherwise have.”
In alignment with the CDFI’s focus, the Northwest Credit Union Foundation works to strengthen the financial lives of people and communities throughout the region.
“We are thrilled to see CDFI supporting the great work these credit unions are doing in their communities,” said NWCUF Executive Director Sharee Adkins. “Making affordable financial products and services available is critical to improving the financial wellbeing of people and communities across our region.”
This year’s awardees have ear-marked funds to provide specific financial services.
“The Fiscal Year 2018 CDFI Program and Native American CDFI Assistance Program awardees will provide vital financial services and lending to low-income communities nationwide,” said CDFI Fund Director Annie Donovan. “The awards will also benefit Native communities, areas of persistent poverty, and individuals with disabilities.” One-third of the awardees have committed to specifically serving Persistent Poverty Counties.
During the Fiscal Year 2018, the CDFI awarded $165 million in Financial Assistance and Technical Assistance to 264 organizations in 45 states, the District of Columbia, and Puerto Rico. For more information, see the U. S. Treasury announcement.
Editor’s Note: Stay tuned to Anthem to learn what the winning credit unions plan to accomplish with their grant awards.
Interested in applying for CDFI certification at your credit union? Contact John Trull, AVP of Regulatory Advocacy, at [email protected], or contact our Strategic Link partner, Your Credit Union Partner, for assistance.