Applications for NCUA Technical Assistance Grants for CDFI Certification
Are Due Monday, June 30, 2014
Based on the success of the National Credit Union Administration’s first ever grants for CDFI certification earlier this year, an additional round of grants of $2,500 each will be made to as many as 60 credit unions seeking CDFI certification. Applications must be submitted by June 30, 2014.
The National Federation of Community Development Credit Unions, along with national and state credit union leaders, has campaigned to significantly increase the number of credit unions with CDFI certification, and applauds the NCUA for making an additional round of grants available specifically for certification. CDFI certification is one of the building blocks for sustainable growth in low-income communities, and the CDFI Fund is one of the most important sources of capital for credit unions serving predominantly low-income consumers and financially underserved communities. The Federation’s certification campaign is succeeding. By the end of 2014, credit unions are projected to account for nearly one-third of the CDFI industry!
Given the importance of CDFI certification to the Federation’s mission of helping low-income people achieve financial independence through credit unions, the Federation has priced 2014 CDFI certification engagements at $2,500 for applications based on Investment Area or Low-Income Targeted Population target markets. Our nationally recognized consulting arm, CU Breakthrough, uses a CDFI tested methodology that greatly streamlines the process and significantly reduces the amount of data a credit union must produce.
Our team is already working with the vast majority of credit unions awarded a TAG for CDFI certification under the first NCUA funding round. Credit unions interested in this funding opportunity should contact us immediately at CUBreakthrough@cdcu.coop.
Click here to read our white paper on the impact of CDFI certification on credit unions and the LMI communities they serve. One of the key findings is that certification is within reach of thousands of credit unions. Several credit unions are profiled including the Lower East Side People’s Federal Credit Union in New York, NY, one of the first credit unions to receive CDFI certification in 1998. Since then, LESPFCU has received over $4 million in CDFI Financial and Technical Assistance grants and has increased assets by $33 million, loans by $26 million and membership by 663%.