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CU Community, UBC Credit Unions Earn CDFI Grants

On September 10, 2015, the U.S. Treasury Department awarded grants to three Community Development Financial Institutions (CDFI) in Missouri—and two of those recipients were CU Community Credit Union and UBC Credit Union! 

“CDFI grants have the power to transform communities, and that’s why we are so excited to have been awarded the grant,” says Judy Hadsall, President/CEO of CU Community Credit Union.

Grant funds enable CDFIs around the country to increase lending and investments in low-income and economically distressed communities. The U.S. Treasury awarded $1,988,750 to CU Community Credit Union and $112,000 to UBC Credit Union.

CU Community received a Financial Assistance award for loan loss reserves. The credit union hopes to provide members with more affordable alternatives to payday loans. 

"Although the economy is improving, there are many people in Greene and Christian Counties who are struggling with debt, and they go to payday lenders to solve short-term liquidity problems," says Hadsall. "Our hope is that we can help fill in the gaps where other financial institutions haven’t been able to provide assistance and create a lasting impact for people’s financial well-being."

UBC Credit Union received a Technical Assistance award, which will be used for capacity development such as equipment purchases, staffing, training and more. 

"The UBC board is excited to receive this award from the CDFI Fund to assist us in building our capacity and updating our equipment to better serve our members," says Lisa Crusius, CEO of UBC Credit Union. "UBC has a long history of serving low-income families that have difficulty accessing affordable financial services in the St. Louis area and beyond. This award recognizes our board’s commitment to serving this membership, and our dedication to growing and improving as a financial institution." 

MCUCF helped nearly 30 credit unions receive CDFI certification and more than $9 million in U.S. Treasury grants. 

For more information on the CDFI initiative, please contact Maria Langston, MCUCF Executive Director, via email or phone, 314.542.1344.