4 CU entities get Native CDFI grants

August 25, 2011

4 CU entities get Native CDFI grants

Three credit unions and a fourth entity working to establish a credit union are among the 35 Native community development financial institutions awarded an aggregate $11.85 million in CDFI Fund grants this week to expand services and operations in economically distressed communities.

This round of funding went to promote the expansion of lending services, financial services and provider capacity in Native American, Alaska Native and Native Hawaiian communities. They are made through the fiscal 2011 round of the CDFI Fund's technical and financial assistance component of the Native American CDFI Assistance Program.

The 35 award recipients included the followingcredit union entities:

Aloha FCU of Honolulu, which received an award of $150,000;
Ka'u FCU of Naalehu, Hawaii, which received $279,000;
Lakota FCU Steering Committee of Kyle, S.D., which received $149,560; and
The Queens FCU of Honolulu, which received $24,950.

The grant to Ka'u FCU was for financial assistance; the other three were for technical assistance.

This year's 35 NACA Program recipients are headquartered in 17 states and serve mostly rural communities. The Lakota FCU Steering Committee is an organization sponsoring the development of a credit union to serve the Pine Ridge Indian Reservation.

Awards were presented by CDFIFund Director Donna Gambrell during a conference in Honolulu. She was joined by Sen. Daniel Inouye, D-Hawaii, and Rep. Colleen Hanabusa, D-Hawaii. The conference was the 10th Annual Native Hawaiian Convention, which focuses on Native Hawaiian community development.

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