Forty-four credit unions across the country have applied for $59 million in 2012 funding from Treasury's Community Development Financial Institutions (CDFI) Fund. Twenty-four of them applied for technical assistance grants and twenty for financial assistance grants. In total, $400 million in requests was received for the available $123 million. Applications were from over 400 credit unions, banks, loan funds, venture capital funds, thrifts, and holding companies.
The CDFI Fund helps local 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. Last year, 25 credit unions were awarded funds.
Award recipients and amounts will be announced this coming summer. In the meantime, read the CDFI Fund’s press release about their 2012 awards.
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