There are over 1,000 certified CDFIs in the US, including loan funds, credit unions and community banks.
To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities.
CDFI certification allows Northeast Community Credit Union to better serve the low and moderate-income consumers and promote financial inclusion in Carter, Sullivan, Washington, Johnson and Unicoi counties.
The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and the enhanced ability to raise funds from foundations, corporations and state and local governments.
Prior to certification, Northeast Community Credit Union had received Low Income Designation from the National Credit Union Administration, providing Northeast Community Credit Union with the option to accept deposits from non-members, offer secondary capital accounts and receive exemption from the aggregate limit on member business lending.
“We are so excited about the opportunities that this certification will allow for us and for the community,” Kathy Campbell, CEO/president of Northeast Community Credit Union, said in a news release.
“Becoming CDFI certified will allow Northeast Community Credit Union to help more organizations, more families and more of the community achieve their financial goals.
“We are honored to be a part of this community and cannot wait to utilize the CDFI certification to help the members of Carter, Sullivan, Washington, Unicoi, and Johnson counties.”
Recently, Northeast Community Credit Union has launched a new program designed to help the single parents of the community achieve financial success.
Monthly, the credit union awards one teacher with a $300 grant to purchase materials for their classroom, and annually they award seniors from the 5 local high schools with a scholarship to help start their college career.
NCCU sponsors Little League teams, collects items for the local animal shelter, and other nonprofit organizations. NCCU also highly encourages their employees to volunteer at a nonprofit in the community by supplying them with 2 paid volunteer days a year.
Northeast Community Credit Union is always looking for ways to benefit the community and the members of the community. With the CDFI designation, there will be more opportunities for NCCU to serve.
Northeast Community Credit Union worked with the National Federation of Community Development Credit Unions’ consulting group, CU Breakthrough, on CDFI certification.
“CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community,” Pablo DeFilippi, VP of Membership and Business Development at the Federation, said.
“Low-income designation combined with CDFI certification are the building blocks for sustainable growth in communities in Carter, Sullivan, Washington, Johnson and Unicoi counties.
“Northeast Community Credit Union is a low-income designated credit union serving any persons who reside in, work in, worship or attend schools in Carter, Sullivan, Washington, Unicoi and Johnson counties.
“We also welcome our member's immediate family and household members, defined as parents, children, grandchildren, grandparents, siblings, step-parents, step-children, legal guardianship, adopted or fostered children and persons living in the same residence as one household.”
NCCU is a community state-chartered credit union that has served the needs of their members for the past 64 years.