||Financial Assistance; Technical Assistance|
||U.S. Department of the Treasury Community Development Financial Institutions (CDFI) Fund|
Target Credit Union Participants:
Low-income designated (LID) credit unions or credit unions serving underserved or low-income consumers, or distressed communities.
The CDFI Fund’s mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities throughout the United States.
To qualify for funding, a credit union must be certified as a CDFI. In order to be certified, the credit union must be a legal entity and meet all of the following requirements:
- Have a primary mission of community development
- Primarily serve an eligible target market(s) (i.e., qualified
Investment Area, Low-Income or other target population).
- Be a financing entity.
- Provide development services.
- Be accountable to its target market
- Be a nongovernmental entity(s).
The CDFI Fund provides financial assistance and technical assistance to CDFIs. Financial assistance may be in the form of a grant, secondary capital, nonmember deposit, or loan. Financial assistance awards must be matched dollar for dollar with funds of the same type from non-federal sources. For example, the CDFI Fund has, in the past, provided a capital grant that matched the total of the credit union’s retained earnings account. Technical assistance is awarded as grants for the purpose of building the capacity of the CDFI. Examples of eligible uses of technical assistance are: staff training, acquiring technology, and obtaining consulting services.
- Applications and detailed program information are available on the CDFI Fund's website.
- 2012 List of Credit Union Awardees