LIHUE, Hawaii–Kauai Government Employees FCU has been certified as a community development financial institution, which it said will “create access to a lifeline of mission driven funding for families and small businesses on Kauai.”
As the first and only CDFI on Kauai, KGEFCU said it is pioneering a new path to help the island economy survive and thrive.
KGEFCU, founded in 1947, reported it has delivered more than $11 million in aid since March in the form of rent relief, emergency response loans, business boost programs and start up investments such as Kauai’s Common Ground Incubator and Accelerator Programs.
The $147-million KGEFCU also expanded to open a new branch in Kilauea in September.
CDFI certification, offered to underserved communities across America, significantly opens up access to new capital that will support recovery and innovation on Kauai, the credit union said.
“We are developing a formidable set of tools to grow new businesses, re-circulating money locally to create a more diverse economy,” said KGEFCU CEO and President Monica Belz. “By growing a more equitable system of capital access, we ensure local talent can flourish and Kauai’s children can remain at home or return home to meaningful job. We are experiencing a true coming of age moment for the credit union movement. I truly believe in the power of our DNA to disrupt the financial industry across the globe, as we rebuild the economy together.”
According to the credit union, the CDFI approach represents a thriving model of public-private partnership where limited federal resources are used to attract private sector investment into low-income communities.
In 2021, KFGECU said it will release a series of short videos showcasing stories of resilience and recovery on Kauai. Belz said the stories will showcase the fearless spirit of local entrepreneurs who are working tirelessly in the wake of the pandemic to uphold tradition, support the community and forge a new future for the island.