Through our Community Development Across Florida and Alabama program, the Southeastern Credit Union Foundation has been coordinating efforts to assist credit unions in applying for federal grant money through the U.S. Treasury for community development. In fact, you may have heard that recently, three Florida credit unions were granted more than $4.6 million in grant funding, the most granted to credit unions in any state this year.
One of the first steps in this process is for low-income designated credit unions to become CDFI certified. The NCUA and the Community Development Financial Institutions Fund are jointly engaged in an initiative to double the number of certified credit unions by the end of this year and are currently reaching out to credit unions that they feel would qualify.
If you are contacted by the NCUA for this initiative and it meets your business model, we highly encourage you to consider applying. With the assistance of the NCUA, the process for CDFI certification has been streamlined and does not involve a cost to your credit union.