How CDFI Can Help Credit Unions Weather This Storm

In these unprecedented times, credit unions are stepping up to the challenge by lending to their members (often low to moderate income workers). This increased lending is valuable and necessary, but it also generates risk and a need for increased loan loss reserves.

 
 

In these unprecedented times, credit unions are stepping up to the challenge by lending to their members (often low to moderate income workers). This increased lending is valuable and necessary, but it also generates risk and a need for increased loan loss reserves.

Would your credit union benefit from a grant to help bolster your reserves?

Community Development Financial Institution (CDFI) certification is the entry way to up to $1,000,000 for reserves or allowance for loan losses. The latest news this week is a prominent House leader has crafted language to appropriate $1 billion dollars for CDFI – 4 times the current appropriation in 2020.

CU Strategic Planning is the fastest, most accurate and best at getting your credit union certified to be eligible to apply for a grant for $1,000,000 CDFI awards (even when a credit union has been previously denied by NCUA’s streamlined application). And our grant writing experts have helped more than 137 credit unions win over $120 million in funding.

These funds will matter more than ever in the wake of coronavirus. Join CU Strategic Planning for a discussion on CDFI funds can help you to weather this storm.

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