Opportunities CU Receives CDFI Grant Posted by AVCU on 2:37 PM

Opportunities Credit Union is among four Vermont non-profit organizations receiving a combined total of $2.3 million to make loans and provide technical assistance to small businesses, day cares, non-profit affordable housing developers and first time home buyers. The credit union will receive $750,000. 

As a senior member of the Senate Appropriations Committee, Senator Patrick Leahy has been a key advocate for the federally funded Community Development Financial Institution program (CDFI). Leahy advocated for inclusion of CDFI funding in legislation to get capital to small businesses. As a result, the economic recovery act provided Vermont with $6 million in CDFI capital last year.

Opportunities Executive Director Cheryl Fatnassi says the funds will help the credit union provide financial products from small business loans, to car loans and home loans to low and moderate income Vermonters, especially those in the Burlington area. "Opportunities has leveraged several CDFI investments over the past few years allowing us to provide over 17,500 loans totaling over $240 million to Vermonters to start and expand businesses, buy a first home and to finance basic transportation. This investment in our community is tremendously important to immigrants, low income and other underserved community members as they build financial independence and assets" said Fatnassi.

The other 3 Vermont recipients are:

• Vermont Community Loan Fund (VCLF) of Montpelier - $750,000
• Northern Community Investment Corporation (NCIC) of St. Johnsbury - $750,000
• Champlain Housing Trust (CHT) - $74,085

The four Vermont organizations are among 180 nationwide receiving a total of $105 million in CDFI awards. The CDFI Fund invests in the capacity of for-profit and nonprofit community based lending organizations, known as Community Development Financial Institutions (CDFIs). The organizations must be certified by the U.S. Treasury, and erve rural and urban low-income people and communities. Awards are granted through an annual competitive application process. Find out more information at http://www.cdfifund.gov

Read the Vermont congressional delegation's press release.