WASHINGTON–More than 50 credit unions are among the institutions that have received technical assistance grants as part of the Community Development Financial Institutions Fund’s latest round.
Each of the credit unions received $125,000.
In addition, one CUSO, Dora Financial, and a number of cooperativas also received grants.
In all, the Treasury Department said 218 organizations received $27.57 million in Technical Assistance awards designed to build their capacity to provide services to low-income and underserved people and communities across America.
The awards were made through the fiscal year (FY) 2022 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program).
According to Treasury, the CDFI Program and the NACA Program provide monetary awards to invest in and build the capacity of specialized financial institutions called Community Development Financial Institutions (CDFIs), “empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities nationwide.”
Uses of Grants
CDFIs commonly use Technical Assistance awards to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity, Treasury added.
“More established CDFIs also use Technical Assistance awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations,” according to the department
For FY 2022, the 202 organizations the received the $25.22 million in CDFI Program TA awards are headquartered in 41 states, the District of Columbia, and Puerto Rico. In addition, 16 organizations received $2.35 million in NACA Program TA awards. They are headquartered in 10 states.
For the full list of winners, go here.
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