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CDFI Certification makes a credit union eligible to apply for both financial and technical assistance grants, as well as allowing access to training and support, through the CDFI Funds various awards programs.
Four types of institutions are included in the definition of a CDFI: CD banks, CD credit unions, CD loan funds (most of which are nonprofit), and CD venture capital funds.
The Community Development Financial Institutions Program (CDFI Program) actively works to address these issues by investing federal resourceswhich are matched with private fundingin CDFIs working to serve low-income and underserved people and communities.
The U.S. Department of the Treasurys Community Development Financial Institutions Fund (CDFI Fund) helps promote access to capital and local economic growth in urban and rural low-income communities across the nation through monetary awards and the allocation of tax credits.
Four types of institutions are included in the definition of a CDFI: CD banks, CD credit unions, CD loan funds (most of which are nonprofit), and CD venture capital funds.
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One crucial source of support for CDFIs is the federal CDFI Fund, administered by the Department of the Treasury. The CDFI Fund makes capital grants, equity investments, and awards to fund technical assistance and organizational capacity-building.
Banks of all sizes or types that invest in and collaborate with CDFIs may receive CRA consideration in all components of their performance evaluation. Loans made to or in collaboration with CDFIs that primarily serve a community development purpose may receive consideration as a community development loan.
Native CDFIs help Native Communities thrive and grow by increasing their access to credit, capital, and financial services. The Native Initiatives program uses a combination of financial, technical assistance, and training to build the capacity of CDFIs serving Native Communities.
In FY 2023, the CDFI Fund will award the remaining $1.75 billion under the Minority Lending Program to CDFIs to expand their lending, grant making and investments activity in low- or moderate-income minority communities and to minorities that have docHub unmet capital or financial service needs.
The CDFI Program uses monetary awards and training opportunities to invest in and build the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and drive community revitalization. In FY 2023, CDFI Program awardees: Financed more than 126,000 businesses.

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