Valley Strong CU Receives CDFI Certification  

The Bakersfield, Calif.-based Valley Strong Credit Union ($4.1. billion in assets, 295,843 members) was awarded Community Development Financial Institution (CDFI) status by the U.S. Treasury Department on Thursday. This new designation, according to credit union officials, will help Valley Strong provide financial products and services to communities that, historically, lack access to banking services.

The CDFI certification came from the work done by the Better Bakersfield and Boundless Kern (B3K) consortium, which is a collaborative group of businesses, government officials and community stakeholders attempting to address a critical lack of access to capital in the region.

Valley Strong President/CEO Nicholas Ambrosini said, “We are proud of the federal government’s recognition of our efforts to support our underserved markets.”

B3K Executive Director JP Lake added, “Expanding access to capital is vital to supporting local entrepreneurs and small businesses. From early on, B3K Prosperity prioritized the need to establish a local CDFI. We’re proud to have served as the convening force behind this initiative and excited to see entrepreneurs from diverse backgrounds have the ability to access funding to grow successful companies in the Bakersfield-Kern region.”

According to Valley Strong, the credit union will be applying for more than $7.5 million in grants during the upcoming funding round.

Rather than waiting for the federal money to come in, credit union officials are working with the local public-private organization fund, the Kern Venture Group, to secure funding soon.

Kern Economic Development Corporation President/CEO Richard Chapman said, “The designation serves to bolster Valley Strong’s commitment to supporting our region’s disadvantaged and underserved communities. This critical funding mechanism will provide much-needed local capital to aid small businesses and enhance our burgeoning entrepreneurial ecosystem.”

According to Valley Strong, the CDFI funding will help low-income businesses in Kern County and 23 other counties around California.

The initiative will be led by Shontay Smith-Sweeney, who joins the credit union with more than 20 years of financial industry experience driving business growth and cultivating strong community partnerships in her roles at JPMorgan Chase.

“I am excited about joining the Valley Strong team and kickstarting our Community Development Financial Institution program,” Sweeney said. “Business owners across our county will have more options to access capital than we’ve ever had in the history of Kern County.”