You may qualify for low-income designation!
As a low-income designated credit union (LICU), you probably already meet four of the six criteria needed for CDFI certification:
- LICUs are regulated financial insitutions
- LICUs have a membership that is drawn from predominantly low-income and underserved communities and populations
- LICUs -- like all credit unions -- are directly accountable to their members and communities they serve
- LICUs are non-governmental entities
Your credit union could be eligible if:
- The primary mission of your credit union is to promote community development.
- Your credit union offers services to help members to better manage their financial lives.
Benefits of CDFI Certification
More than $80 million in CDFI Fund awards to credit unions since 1996
- 98% of CDFI Fund credit union awardees have been Federation member CDCUs
- Certified CDFIs are eligible for more than $200 million in long term, low-cost secondary capital loans from federal "TARP" program
- Certified CDFIs eligible for capacity building programs and other forms of financial and technical assistance
How do we apply for CDFI Certification?