The program aims to educate credit unions not currently CDFI-certified about the benefits of certification in serving members and local small businesses, and to create a network for existing CDFI credit unions to learn about and access additional resources, according to a joint CUNA Mutual Group-Inclusiv press release.
During the pandemic and economic downturn, CDFIs have acted “as lifelines” and provided much-needed relief to communities hardest hit by this crisis, providing payment relief, SBA Paycheck Protection Program loans, and emergency small dollar loans, among other measures, the release stated.
“We strongly support the expansion of CDFI-certified credit unions to help provide financial literacy and products to communities that are unserved, or underserved by traditional financial institutions,” said Larry Blanchard, CUNA Mutual Group corporate and legislative affairs consultant. “CDFI credit unions advance CUNA Mutual Group’s and credit unions’ commitment to inclusivity in serving people of modest means, whether in urban or rural communities.”
As part of the campaign, Inclusiv is hosting weekly learning sessions for credit unions to find out more about the CDFI Fund and find ways to help existing CDFI credit unions capitalize on their CDFI certifications. Interested participants can click here to sign up for a registration link.