This year’s round of CDFI funding includes two Hawaii credit unions

on "September 30, 2020 10:08 am"

Hawaii Central FCU and Hawaii FCU were among credit unions receiving grants from U.S. Treasury Community Development Financial Institutions Funds.

The CDFI Fund makes an impact by providing awards to organizations that make credit, capital, and other critical financial services available to disadvantaged businesses and low-income communities throughout the country.

CDFI credit unions that focus on financial inclusion are more profitable, grow faster, and are more active lenders than their peers across the industry.

CDFI certification is a designation given by the U.S. Treasury Department’s CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. To be eligible for CDFI certification, an organization must meet the following criteria:

  • Have a primary mission of promoting community development;
  • Provide both financial and educational services;
  • Serve and maintain accountability to one or more defined target markets;
  • Maintain accountability to a defined market; and
  • Be a legal, non-governmental entity at the time of application (with the exception of tribal governmental entities).

Congratulations to Hawaii Central FCU and Hawaii FCU. Click here if your credit union would like more information on CDFI certification. For additional information on the CDFI certification process and benefits of becoming a CDFI, contact Inclusiv (formerly known as the National Federation of Community Development Credit Unions) by clicking here.