TALLAHASSEE, Fla. (5/7/15)--The League of Southeastern Credit Unions (LSCU) is partnering with CU Strategic Planning, Tacoma, Wash., to assist Florida credit unions in the application process to become certified community development financial institutions (CDFIs).
Community Development Across Florida is a pilot program aimed at forming a statewide coalition of credit unions and other community groups to increase the number of CDFI-certified credit unions in Florida and then assist them with grant applications to the U.S. Treasury to tap into its grant fund (eSignal Daily April 4).
LSCU and its affiliates, LEVERAGE and the Southeastern Credit Union Foundation, will help fund and provide leadership to the CDAF program. Missouri has a similar program, and it has helped 25 credit unions get certified and has also seen more than $15 million in grants from the U.S. Treasury.
“It’s really a no-brainer for eligible credit unions to gain their CDFI certification,” LSCU President/CEO Patrick La Pine said in a message to league members. “The CDFI grant fund has awarded more than $1.4 billion to certified credit unions, banks and loan funds. However, credit unions make up just about 25% of CDFI-certified institutions.”
If the pilot program is successful, the LSCU will mirror the program in Alabama in 2017, La Pine said.