CU Strategic Planning's Letter to Senate Calls for $1B CDFI Supplemental Appropriation
Senator Mitch McConnell Senator Richard Shelby 317 Russell Senate Office Building 304 Russell Senate Office Building
Washington, DC 20510 Washington, DC 20510
Senator John Kennedy Senator Charles E Schumer 416 Russell Senate Office Building 322 Hart Senate Office Building
Washington DC 20510 Washington, DC 20510
Senator Patrick Leahy Senator Christopher Coons
437 Russell Senate Office Building 218 Russell Senate Office Building
Washington, DC 20510 Washington DC 20510
Letter in Support of $1 billion appropriation for the CDFI Fund
and $5 million for NCUA’s CDRLF
We strongly encourage leadership to include an appropriation of $1 billion for the Department of Treasury’s CDFI Fund in the Coronavirus stimulus bill. This funding will be leveraged by CDFI-certified financial institutions, including credit unions, to provide billions more in targeted lending to low-to- moderate income consumers and very small businesses, and for continued mortgage lending to carry on with the healing of the main street economy. Additionally, we ask Senate leaders to include $5 million for the National Credit Union Administration’s (NCUA) Community Development Revolving Loan Fund (CDRLF). These important appropriations are supported by the U.S. Chamber of Commerce Statement of the Record for the Senate Committee on Small Business made today.
Credit unions stand prepared with “shovel-ready” lending programs for housing and very small businesses, and with consumer loan programs that are the lifeblood of our fragile yet improving economy. The CDFI Fund’s initiatives, alongside the other programs identified for this stimulus package, will work hand in hand with CDFI credit union lending to keep working families working, off of unemployment benefits, and in their own homes and cars as the economy continues to improve. We look forward to working with you on the appropriations of these vital programs and will be working closely with the CDFI Fund and NCUA to get these funds into the hands of credit unions for the main street loan programs that are so in need at this important moment.
CU Strategic Planning is a women and minority-owned small business that credit unions turn to for strategic business plans to successfully lend to low-to-moderate income families and small businesses. CU Strategic Planning has developed more award-winning CDFI grants for credit unions than any other provider. Our small business of 15 employees has written successful business plans providing funding of more than $120 million for CDFI and low-income and minority designated credit unions to implement in communities across the country, resulting in more than $10 billion in loans to stimulate economies across our great nation.
I encourage you to contact me directly with questions or further examples of use of funds from these two important programs at 202.802.0036 or firstname.lastname@example.org.
Michael V. Beall, Esq Chief Strategic and Advocacy Officer, CU Strategic Planning
CU Strategic Planning | 535 Dock Street, Suite 208 | Tacoma, Washington, 98402 253.200.0418 (o) 253.200.5824 (f) | www.creditunionstrategicplanning.com