The Importance of CDFI
In the spring of 2020, VLFCU was recognized by the US Treasury Department as a Community Development Financial Institution (CDFI.) CDFI’s 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.
According to CEO, Bryan Myers, “our CDFI designation will allow 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.” This recognition will allow VLFCU to pursue grant opportunities intended to spark growth within our local economy through services that make sense for individuals and businesses facing financial disadvantages.
Once certified, CDFI’s 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 CDFI’s 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.