HELENA, Mont.— Vocal Credit Union (VCU) has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. Vocal is one of only five CDFI-certified credit unions in the state of Montana.
CDFI certification is earned by a financial institution that offers fair and affordable financial services to economically distressed individuals, and continually works to transform the lives of underserved populations in its community. CDFIs invest in their local communities by providing important funding sources to people who are often denied loans from larger mainstream banks and credit unions, the credit union said.
“We’re incredibly honored that we’ve earned CDFI certification” said Helena resident and Vocal CEO Eddie Black. “This recognition makes it clear how dedicated we are to custom-tailoring our services to the needs of our members. We will continue building partnerships that allow us to serve members of modest means, because we believe that’s a critical role a local, community centered credit union should provide.
With its new certification, Vocal said it will be able to apply for the CDFI’s annual grant, tax credit, and bond programs. Through these competitively-awarded benefits and other CDFI programs, VCU will be able to build its organizational capacity to better serve lower-income individuals and families in Lewis and Clark, Jefferson, and Broadwater Counties.
“Every time we can help a member get into a safer car or a first home, we’re ecstatic” said Black. “With CDFI resources, we’ll be able to grow those opportunities--and keep reaching more of our community.”