Six New York state credit unions are among 31 CDFIs that have been selected to receive a total of $5 million in financial inclusion grants, the Department of Financial Services announced on Thursday. The awards aim to support access to safe and affordable banking services in historically underserved and low-income communities across New York state.
With a multi-year $25 million state commitment, the CDFI Fund is providing resources for the growth of New York state CDFIs to support the delivery of affordable financial products and services and financial literacy programming to low- and moderate-income New Yorkers, according to a DFS statement. Further, the CDFI Fund intends to increase access to capital and technical assistance services for New York state’s small businesses and nonprofit organizations.
“The pandemic demonstrated that financial health and resilience must be built from the ground up and New York’s CDFIs continue to be an essential building block to ensuring our recovery benefits those most affected,” said Services Adrienne Harris, DFS acting superintendent. “The distribution of these grants is a testament to what can be achieved when government works across agencies and community banks to benefit the people they serve.”
New York state credit unions that received grants include:
- Lower East Side People’s FCU (New York City), $150,000;
- Brooklyn Cooperative FCU (New York City), $150,000;
- New Covenant Dominion FCU (New York City), $150,000;
- Alternatives FCU (Southern Tier), $200,000;
- Syracuse Cooperative FCU (Central New York), $200,000; and
- Concord FCU (New York City), $200,000.