CDFI certification is a designation given by the CDFI Fund to specialized organizations that provide financial services in low-income communities and to people who lack access to financing. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions like loan and venture capital funds. By building the capacity of a nationwide network of CDFIs, the CDFI Fund works to empower low-income and underserved people and communities to enter the financial mainstream. Learn more through this article by NerdWallet.
Why is GNCU Excited?
As a CDFI, GNCU puts the community first and values local, economic growth. To be eligible for certification as a CDFI, financial institutions must adhere to stringent requirements such as offering services for development, remaining accountable to their main target market, and striving to promote development within their communities. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from conventional financial institutions.
“Greater Nevada Credit Union is already active throughout our region providing affordable products, free financial education
, and direct monetary support to organizations that provide a range of economic and community development benefits. This designation will allow us to look for impactful programs that focus on reaching those disadvantaged and underserved populations who can directly benefit more from accessing our services.” Wally Murray, GNCU President and CEO