UPDATE: After publication, two additional credit unions received CDFI certifications. They include: Cape Regional and Saint Luke's. Click here to learn more.
Missouri’s credit union community made history when 13 credit unions in the state received Community Development Financial Institution (CDFI) certifications from the U.S. Treasury. This is the largest number of CDFI certifications granted in one state at one time. The Missouri Credit Union Association (MCUA) worked with CU Strategic Planning to develop the “Community Development Across Missouri” initiative, which was funded by the Missouri Credit Union Charitable Foundation (MCUCF). The MCUCF, which exists to create economic opportunity for credit union members and their communities, provided the largest grant in its history to fund the CDFI effort.
“MCUA is proud of this groundbreaking program and what it can do for our credit unions, members, communities, the state’s economy and our broader credit union system,” says MCUA President/CEO Don Cohenour. “Our success with receiving the Treasury’s approval of these CDFI certifications validates CUNA’s educational efforts to all Americans and Congress that not-for-profit credit unions have always and continue to be of service to working class people - including those of modest means.”
CDFI-certified credit unions are eligible to apply for grants annually, which may result in up to $2 million for loan loss reserves, capital reserves and to create new products and services to support increased lending. As part of the Missouri CDFI program, all 13 credit unions have submitted CDFI grant applications.
“We are excited to demonstrate what is possible for credit unions across America,” says MCUA Board Chairman Brian Eyestone. “CDFI certification opens the door to grant funding, which supports our credit union efforts to increase services and loans to good, hard-working members hit the hardest with layoffs and employment at reduced salaries during America’s economic recovery. The CDFI certification allows Missouri’s credit unions an even greater ability to fulfill this mission.”
The Missouri CDFI project continues with more credit unions. There are two additional CDFI certifications pending in Missouri in 2013 and another ten that will be submitted in 2014.
CU Strategic Planning estimates that the loan loss reserves requested in these grant applications, together with the pending CDFI applications in 2014, could potentially unlock $200 million in loans to working class families in Missouri and create 14,500 jobs during the next three years.
Missouri credit unions that just received CDFI certification include: