USF Federal Credit Union (USF FCU) is now certified as a community development financial institution (CDFI).
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The CDFI Fund provides federal dollars to spur economic growth and opportunities in distressed, low-income communities. With its CDFI designation, the $1 billion USF FCU will be able to partner with groups and organizations to improve economic conditions for underserved areas in West Central Florida.
“Like all credit unions, USF FCU has a mission to give back to the communities that we serve,” USF FCU President and CEO Richard J. Skaggs said. “We decided to apply for this CDFI designation as part of our commitment to improve the economic situation for people living and working in the Tampa Bay area.”
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The credit union partnered with CU Strategic Planning to help write the application to attain CDFI certification. USF FCU will now look at the best ways to invest in the underserved areas by supporting projects and organizations already working to boost the economic conditions for those living in the region.
“We are pleased to be able to achieve this designation and our credit union team is excited to be part of this effort to help individuals improve their economic status,” Skaggs added. “It shows we’re living our mission statement, which is to deliver financial solutions to improve members’ lives.”
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