KYLE, S.D.–Lakota Federal Credit Union has been certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).
The announcement comes just two years after the credit union was granted a charter to serve Native-American communities on the Pine Ridge Reservation. The certification means Lakota Federal will have access to larger amounts of funding from the U.S. Treasury’s CDFI Fund, and can apply for up to $1 million in financial assistance annually. Prior to certification, the maximum application amount was limited to $150,000. Currently, the credit union has a pending application to the CDFI Fund for $750,000.
The credit union has nearly 2,000 members, and closed 2,014 with $2 million in loans and $3.5 million in assets.