Twenty-five CU Strategic Planning credit unions received nearly $16.7 million dollars in grants to improve their communities from the US Treasury’s Community Development Financial Institutions Fund. It is a labor of love that paid off for the credit union executive teams and CU Strategic Planning's staff. CU Strategic Planning clients represented nearly half of all credit unions receiving the CDFI FA grants and half of all dollars. The big news is how much more CU Strategic Planning clients received than peers.
Credit unions working with CU Strategic Planning received an average CDFI Award of $666,420, which is 10.4% more than other credit unions granted Financial Assistance (FA) Awards. According to Mike Beall, CU Strategic Planning's Chief Strategic and Advocacy Officer, "This is significant because it exemplifies the ROI of working with the most sophisticated credit union consulting team in designing the comprehensive business plans which are submitted as award applications. The consulting more than pays for itself."
CU Strategic Planning also wrote two of the three largest credit union awards at $900,000 each. Only one loan fund was awarded a grant of $900,000 in the FA awards.
“Congratulations to all of the CDFI Grant winners this year,” CU Strategic Planning Founder Jamie Strayer said. “We are particularly proud of our clients, who put in the time, effort and empathy to co-create and execute these award-winning business plans. We love working with all of our credit union clients to help them unlock the potential in their communities.”
With the addition of the 2020 CDFI awards, CU Strategic Planning has written 150 award-winning CDFI applications for 97 credit unions. Those credit unions received over $135 million in grants to unlock opportunities to change lives and their communities.
"This year's awards show a phenomenal trend for the credit unions CU Strategic Planning has worked with for many years and many first-time credit unions," said Stacy Augustine, CU Strategic Planning's CEO. Pelican State Credit Union won its fifth award, Industrial Credit Union of Whatcom County and Houston Metropolitan FCU each won their fourth awards, and Suncoast, Southwest Louisiana, Peninsula, Innovations and Buckeye State credit unions all won their third awards. "The CDFI Fund recognizes credit unions doing in-depth community development work with our sophisticated plans and guidance."
In total, the 2020 CDFI Financial Assistance grants awarded $35.1 million to 55 credit unions. The HFFI Awards and TA awards were also announced.
Treasury’s CDFI Fund pairs federal dollars with innovative investments of private sector capital to support mission-driven financial institutions to increase lending and financial services to low income people, minority populations and economically disadvantaged communities. CDFI Financial Assistance awards can be up to $1 million, and they are used to boost usage of products and services, provide new services, expand operations or service new targeted populations.
CU Strategic Planning's 2020 CDFI Award-Winning Clients
Aneca Federal Credit Union
Buckeye State Credit Union
Commodore Perry Federal Credit Union
Community South Credit Union
Empower Federal Credit Union
Financial Partners Credit Union
First Family Federal Credit Union
Guardians Credit Union
Hawaii Central Federal Credit Union
Heritage Financial Federal Credit Union
Houston Metropolitan Federal Credit Union
Innovations Federal Credit Union
Industrial Credit Union of Whatcom County
Lake Trust Credit Union
Michigan First Credit Union
Pelican State Credit Union
Peninsula Community Federal Credit Union
REV Federal Credit Union
Skypoint Federal Credit Union
Sisseton- Wahpeton Federal Credit Union
Southwest Louisiana Credit Union
Suncoast Credit Union
Tallahassee-Leon Federal Credit Union
Telhio Credit Union
The New Orleans Firemen's Federal Credit Union