CDFI Fund Announces Credit Union and Cooperativa Small Dollar Loan Program Awardees
The CDFI Fund has announced its list of 52 Small Dollar Loan (SDL) Program awardees. Inclusiv congratulates the 11 credit unions and two cooperativas that received funding under this new initiative. The SDL Program seeks to encourage CDFIs to develop, maintain and expand small loan programs as an alternative to predatory lenders in unbanked and underbanked communities. $13.5 million in funds were made available for the FY 2021 funding round, with a total of $10.8 million going to CDFIs.

Through the SDL Program, the CDFI Fund provides:
  • Grants for Loan Loss Reserves (LLRs): The awards will enable a Certified Community Development Financial Institution (CDFI) to establish a loan loss reserve fund in order to defray the costs of establishing or maintaining a small dollar loan program.
  • Grants for Technical Assistance (TA): The awards will support technology, staffing, and other eligible activities to enable a Certified CDFI to establish and maintain a small dollar loan program.

Inclusiv is pleased to see the CDFI Fund directing resources to scale up affordable, responsible, yet sustainable lending programs to mitigate the impact of unscrupulous operators that strip wealth out of communities that needed the most. There’s already an NCUA-approved framework for small dollar credit union lenders that can now be leveraged by accessing these external resources, says Chriselle Martinez CDFI Programs Director at Inclusiv.
Congratulations to all award recipient credit unions!
Credit Union/Cooperativa Name
Award Amount
1st Bergen Federal Credit Union
AEA Federal Credit Union
Arbuckle Federal Credit Union
Cooperativa de Ahorro y Credito de Lares (LARCOOP)
Cooperativa de Ahorro y Credito Padre MacDonald
Frankenmuth Credit Union
Freedom First Federal Credit Union 
Guadalupe Credit Union 
Hawaii Federal Credit Union 
Holy Rosary Credit Union 
NAS JRB Credit Union 
Opportunities Credit Union, Inc. 
Seattle Metropolitan Credit Union 
$157,500
$175,000
$202,200
$280,000
$280,000
$105,000
$155,500
$415,000
$231,000
$280,000
$162,217
$105,000
$280,000
About Inclusiv

At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve over 15 million residents of low-income urban, rural and reservation-based communities across the US and hold over $212 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at Inclusiv.org and connect with us on Facebook, LinkedIn and Twitter.

Inclusiv was instrumental in establishing the CDFI Fund in 1994, is a permanent member of the national CDFI Coalition and is the CDFI and community finance authority for the credit union industry. Our member CDCUs represent over 10 million members in low-income communities across the US, representing the majority of all CDFI-certified credit unions. Today, CDFI certification is an essential credential for credit unions with a focus on financial inclusion. Inclusiv is the credit union industry's best resource for learning more about certification and technical and financial assistance grants. For more information on our advocacy on behalf of CDFI credit unions, click here.