TOWN, Alaska, February 28, 2022 /PRNewswire/ — 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 only available to organizations that have a proven track record of providing financial services and products in low-income communities and individuals who do not have access to finance. CDFI certification is granted with the goal of generating economic growth and opportunity in some of our country’s most struggling communities. CDFI certification opens the ability for institutions to access grants from the U.S. Treasury Department’s CDFI Fund, which are to 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. The designation as CDFI now means Nuvision has more access to funds and fewer restrictions to serve 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.”
As a candidate for CDFI Fund certification, Nuvision had to demonstrate a community development mission; serve one or more target markets; provide development services to borrowers in conjunction with financing activities; and maintain accountability to its target market.
“We are proud to have completed this process and look forward to helping more underserved people and businesses in the communities we serve,” Ballard said. “La Caisse populaire believes in the importance of providing quality service with every transaction and of being an integral part of the communities where we have branches; this designation will allow us to focus more on underserved groups in need of financial services. »
The CDFI Fund was established in 1994 to stimulate lending and community development through certified CDFI lenders, enabling them to expand their reach in economically disadvantaged areas and underserved communities.
About Nuvision Credit Union
Nuvision Credit Union serves many communities in a five-state region spanning California, Arizona, Alaska, Washington and Wyoming. The Credit Union has over 170,000 members and assets exceeding $2.8 billion.