The US Treasury Department’s Community Development Financial Institutions Fund recently certified Nuvision Credit Union as a Community Development Financial Institution (CDFI). This designation is available only to organizations that have proven they provide financial services and products in low-income communities and to people who lack access to financing. CDFI certification is granted with the purpose of generating economic growth and opportunity in some of our nation’s most distressed communities. CDFI certification opens opportunities for institutions to access U.S. Treasury Department CDFI Fund grants, which must be used to support financially vulnerable residents and communities.
“Many hard-working members in the markets we serve have not received the economic opportunities they deserve, which has only been highlighted by the COVID-19 pandemic. Designation as a CDFI now means Nuvision has more access to funds and fewer restrictions to serving our markets,” said Nuvision CEO Roger Ballard. “We are committed to building lives in the communities we serve, and this CDFI designation will be a key contributor to our ability to support the dreams and goals of individuals and businesses in the communities we serve.”
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As an applicant for CDFI Fund certification, Nuvision was required to demonstrate a mission of community development; serve one or more target markets; provide development services to borrowers in conjunction with financing activities; and maintain accountability to its target market.
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“We’re proud to have completed this process, and we look forward to assisting more underserved individuals and businesses in the communities we serve,” declared Ballard. “The Credit Union believes in providing quality service with every transaction and in being an integral part of the communities where we have branches; this designation will give us as additional focus on the underserved groups who need financial services.”
The CDFI Fund was established in 1994 to boost lending and community development through certified CDFI lenders, allowing them to expand their reach into in economically distressed areas and underserved communities.
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