We're so pleased to announce that the grant applications CU Strategic Planning facilitated for our clients make up 56% of all this year's Financial Assistance awards granted to credit unions as part of the 2022 Community Development Financial Institution Program, totaling $26.97 million. In terms of dollars won, CU Strategic Planning clients won two thirds of all funding awarded to credit unions outside of Puerto Rico and 17 clients won the highest base award amount of $640,000 given to credit unions this year.
In total 233 CDFIs, including 72 credit unions, earned awards totaling $144.7 million in FA grants.
Client credit unions will leverage these funds to serve more hard-working people across the country, through focuses such as:
products and services to increase financial inclusion for disenfranchised households;
lending for affordable housing;
financial support for workforce development;
economic stability for female-headed households;
and other areas of demonstrated local need for low- to moderate-income families.
Our clients' Base FA applications averaged $89,312 higher than other credit union award winners.
“We draw on our nearly 15 years of experience in consulting for CDFI credit unions,” said Mike Beall, Chief Experience Officer. “We’re proud to consistently produce results that provide incredible ROI.”
The funds awarded in this year’s FA Base Awards was an $8 million increase over last year’s, but a decrease of overall total recipients. At the same time, there was an increase in the number of credit union represented, making up 31% of this year’s awardees.
“We’re pleased to see that credit union representation has increased in this year’s FA awards, and we’re so proud of the work all our clients do for their communities” CU Strategic Planning CEO Stacy Augustine said. “CDFI credit unions, as member-owned financial cooperatives, are dedicated to eliminating financial inequities and improving the lives of families in their communities. We’re honored to be able to assist credit unions to unlock opportunities to make those changes, through our CDFI grant efforts on their behalf.”
The awards announced today for CU Strategic Planning clients help CDFI credit unions serve low- to moderate-income families. The firm has now won more than $797 million in funding for credit unions from the Treasury Department and its CDFI Fund, including FA awards, Rapid Response Program (RRP) Awards, and secondary capital awards from the Emergency Capital Investment Program (ECIP). Announcement of the Equitable Recovery Program (ERP) awards are expected in the coming weeks.