CDFI Fund Awards $45.8 Million to 111 Credit Unions for FY 2020 to Support Investment in Underserved Communities
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 397 Community Development Financial Institutions (CDFIs) $185.4 million in Financial Assistance (FA) and $18.7 million in Technical Assistance (TA) totaling $204.1 million in awards.
"We are delighted that this round recognizes the contributions of CDFI credit unions of all sizes in serving underserved communities. Inclusiv is pleased to have worked with so many credit unions to access the Fund and the work is truly paying off. The number of minority designated credit unions and first time award winners is a game changer,” said Cathie Mahon, President/CEO of Inclusiv.
This year, 112 awards totaling $45.8 million, were awarded to 111 CDFI credit unions and 13 were first-time awardees.
The awards to credit unions were distributed as follows:
- 53 for Technical Assistance ($6.6 million)
- 55 for Financial Assistance ($35.1 million)
- 1 for Healthy Food ($2.8 million)
- 3 for Native American CDFI Assistance Program (NACA) ($1.4 million)
In addition to the current awards, pending legislation could potentially create between $2.9 and $5 billion in additional CDFI funding.
The awards from these programs will support Community Development Financial Institutions that provide affordable financing and related services to low-income communities and populations that lack access to credit, capital, and financial services. View more information about all of the FY 2020 CDFI Program and NACA Program awards below.
- FY 2020 CDFI Program Award Book
- FY 2020 NACA Program Award Book
- CDFI Program and NACA Program Financial Assistance Application Evaluation Process
- CDFI Program and NACA Program Technical Assistance Application Evaluation Process