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CDCUs awarded SECA funding from CDFI fund

NEW YORK - The first group of recipients was announced by The Community Development Financial Institutions Fund for its new Small and Emerging CDFI Assistance (SECA) Component. Nineteen credit unions were among the 70 CDFIs awarded technical and financial assistance. The CUs received $2,362,000 out of the total of $8,004,150....

By Staff Writer | Updated on October 23, 2001

NEW YORK – The first group of recipients was announced by The Community Development Financial Institutions Fund for its new Small and Emerging CDFI Assistance (SECA) Component. Nineteen credit unions were among the 70 CDFIs awarded technical and financial assistance. The CUs received $2,362,000 out of the total of $8,004,150. Of the credit union recipients, 90% are members of the National Federation of CDCUs (NFCDCU). Approximately half of all SECA applicants were funded, according to NFCDCU estimates. Among the recipients was North Side Community FCU in Chicago, Ill. It received $200,000 from the fund. The credit union intended to use the money primarily to expand a program that provides an alternative to payday lending. Another recipient, Syracuse Cooperative FCU in Syracuse, N.Y. received $55,000 in technical assistance support to streamline their service delivery through a network of ATMs and home-banking Internet service. Six credit unions received a total of $1,692,000 in funding from a “Core” round that was announced last year. The total for Core and SECA rounds is over $4 million.

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