The Treasury's Community Development Financial Institution Fund announced its 2022 Financial Assistance Awards last week, and we were honored to see that our clients had great success.
To break things down a little more, here are some details about goes in to those winning numbers:
Out of all credit union 2022 FA Awards, 56% went to our clients.
Half of our 2022 winning clients were first time FA recipients, and half had received at least one FA award in the past.
Total funds won for clients (Base and PPC FA funds) was $26,965,300.
Our winning clients averaged $89,312 more per award than other credit union FA recipients.
The Financial Assistance application process is an intense and involved one, with over 50 sections to complete and more than a dozen people working on each one - financial analysts, grant strategists, writers, editors and sharp-eyed admins. All this work comes together in the form of a full business plan that details how an applicant will use the funds to improve the lives of people in their communities as part of their overall operations. Where a credit union chooses to direct their focus depends on their community's need, as verified by our research. Here's how this year's recipients will be using the grant funding:
Financial Inclusion: 28%
Women's Empowerment: 18%
Household Stabilization: 18%
Affordable Housing: 15%
Home Rehab: 8%
Workforce Development: 5%
Small Business: 5%
Disaster Recovery: 5%
Overall, CU Strategic Planning has secured $800,000,000 in total funding for CDFI credit unions since its founding. (Editor's note: the April 10 ERP award announcement has brought the total to over $945 million) Learn more about our work with CDFIs, certification, grant writing and compliance.