Congratulations to the 244 CDFI Credit Union RRP Awardees!

on "June 23, 2021 4:17 pm"

A total of 863 CDFIs, including 244 credit unions, received grants, providing vital funding to underserved communities.

Tkamala harris copyhese credit unions -- the vast majority of which are Inclusiv members -- received $402 million in grant funding. Inclusiv is also pleased to share that $87 million were awarded to 62 MDI credit unions and another $47 million to 27 financial cooperatives from Puerto Rico.

Three Hawaii CUs – Hawaii FCU, Kauai Government EFCU, and Molokai FCU – were awarded CDFI RRP (Rapid Response Program) grants in the last round of funding.  Each was granted more than $1 million.

The grants will be made through Treasury’s CDFI Rapid Response Program (CDFI RRP) and will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.

The announcement was made by Vice President Harris alongside Treasury Secretary Janet Yellen, U.S. Senator Mark Warner, and U.S. Representative Maxine Waters.

About the CDFI Fund

Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program.

For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.