CUNA joined dozens of organizations Friday in calling on Congressional leadership to appropriate $1 billion to the Treasury’s Community Development Financial Institutions (CDFI) Fund. The fund provides grants, equity investments and other awards to certified CDFIs around the country.

“While policymakers should be applauded for acting quickly in the face of an unprecedented crisis, federal relief funding is not reaching small businesses and families in communities underserved by mainstream lending institutions. We urge Congress to support mission-driven lending to small businesses and underserved communities by including a $1 billion appropriation to the Community Development Financial Institutions (CDFI) Fund in the next round of Coronavirus relief.

CDFIs provide financial services in urban neighborhoods and rural areas underserved by traditional financial institutions, particularly those with high rates of poverty and unemployment.

As of April 14, credit unions are 324 of 1,142 certified CDFIs nationwide.

CUNA has previously called for additional appropriations for the CDFI Fund and NCUA’s Community Development Revolving Loan Fund (CDRLF), which assists credit unions serving low-income communities provide financial services and simulate economic activities in their communities.