The Importance of CDFI
VacationLand Federal Credit Union is one of 12 Ohio Credit Unions recently awarded a grant by the U.S. Treasury through the CDFI Rapid Response Program. Statewide, the Ohio Credit Union League projects that the total of $19.2 million received by these credit unions will make a positive impact on the lives of more than three million Ohioans.
As a Community Development Financial Institution (CDFI), VacationLand Federal Credit Union is committed to assisting underserved and low-income members. “VLFCU has a history of helping people when they are most financially vulnerable," says CEO Bryan Myers. "Grant opportunities like this allow us to continue to expand our reach to more members in Erie and Huron Counties.”
For more information about VLFCU services and membership qualifications, please call 1-800-691-9299.
In the spring of 2020, VLFCU was recognized by the US Treasury Department as a Community Development Financial Institution (CDFI.) CDFIs are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities. They can be an affordable alternative to payday lenders and other predatory loan products.
“Our CDFI designation allows us to provide quality service and products to meet the financial needs of all local residents and businesses, including those who are faced with economical disadvantages,” Myers adds. This recognition will allow VLFCU to pursue grant opportunities intended to spark growth within our local economy through services that make sense for underserved and low-income individuals and businesses.
Once certified, CDFIs are able to apply for the CDFI Funds grant, tax credit, and bond programs that are administered annually. After a multi-phased and competitive review process, only the most highly qualified CDFIs are selected to receive funding through the various programs. VLFCU will update the public when details are available about future funding opportunities for our members and community.
For more information about the CDFI program, please visit www.cdfifund.gov.