TACOMA, Wash.–Two credit unions have been named among the top 25 “Deep Impact Lenders” participating in the Emergency Capital Investment Program (ECIP).
Both credit unions are clients of CU Strategic Planning, which is reporting 25 of its client CUs earned a spot on the ECIP Awards list, which can be found in The Emergency Capital Investment Program (ECIP) Investing for Impact Report.
The company said that according to the Quarterly Supplemental Reports submitted to the U.S. Department of Treasury by ECIP participants, 99.8% of Sisseton-Wahpeton FCU’s lending qualified as “Deep Impact” in 2022. What that means is the $5.6 million, South Dakota-based credit union served low-income borrowers, persistent poverty counties, native communities, underserved businesses, deeply affordable housing and other relevant activities.
The $386-million, Louisiana-based Centric FCU was not far behind at 93.3%, CU Strategic Planning added.
‘Above & Beyond’
“Time and again, Community Development Financial Institution-certified credit unions go above and beyond to serve all their members,” CU Strategic Planning Co-Owner/CEO Stacy Augustine said in a statement. “This is why we do the work we do. It’s incredibly gratifying to see our efforts on behalf of credit unions translate into real dollars for these communities that need it most.”
In total, 170 CDFIs and Minority Depository Institutions were provided ECIP funds, 78 of which were credit unions. Twenty-one were CU Strategic Planning clients and represented $1.4 billion, or half, of credit unions’ total deep-impact loans through the program, the company said.
CU Strategic Planning added its clients also averaged more than double--$67 million--in deep impact lending than other credit unions.
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