CU Strategic Planning Clients Account for Majority of Credit Union FA Awards from CDFI Fund
CU Strategic Planning is proud to announce that the grant applications it facilitated for its clients make up 56% of all this year's Financial Assistance awards granted to credit unions as part of the Community Development Financial Institution Program, totaling $26.97 million. In terms of dollars won, CU Strategic Planning clients won two thirds of all funding awarded to credit unions outside of Puerto Rico and 17 clients won the highest base award amount of $640,000 given to credit unions this year.
In total 233 CDFIs, including 72 credit unions, earned awards totaling $144.7 million in FA grants.
Client credit unions will leverage these funds to serve more hard-working people across the country, through focuses such as:
· products and services to increase financial inclusion for disenfranchised households;
· lending for affordable housing;
· financial support for workforce development;
· economic stability for female-headed households;
· and other areas of demonstrated local need for low- to moderate-income families.
CU Strategic Planning’s winning Base FA applications were awarded $89,312 more on average than other credit union award winners.
“We draw on our nearly 15 years of experience in consulting for CDFI credit unions,” said Mike Beall, Chief Experience Officer. “We’re proud to consistently produce results that provide incredible ROI.”
The funds awarded in this year’s FA Base Awards was an $8 million increase over last year’s, but a decrease of overall total recipients. At the same time, there was an increase in the number of credit union represented, making up 31% of this year’s awardees.
“We’re pleased to see that credit union representation has increased in this year’s FA awards, and we’re so proud of the work all our clients do for their communities” CU Strategic Planning CEO Stacy Augustine said. “CDFI credit unions, as member-owned financial cooperatives, are dedicated to eliminating financial inequities and improving the lives of families in their communities. We’re honored to be able to assist credit unions to unlock opportunities to make those changes, through our CDFI grant efforts on their behalf.” The awards announced today for CU Strategic Planning clients help CDFI credit unions serve low- to moderate-income families. The firm has now won more than $797 million in funding for credit unions from the Treasury Department and its CDFI Fund, including FA awards, Rapid Response Program (RRP) Awards, and secondary capital awards from the Emergency Capital Investment Program (ECIP). Announcement of the Equitable Recovery Program (ERP) awards are expected in the coming weeks.
Since 2008, CU Strategic Planning has provided business planning services for credit unions with a focus on community development. The company facilitates strategic planning meetings and develops business plans in addition to being the No. 1 CDFI grant-writing firm for credit unions in the country. Through grants, strategic and tactical planning, DEI consulting, community summit facilitation and more, CU Strategic Planning achieves its mission to unlock opportunities for credit unions to change lives and their communities. CU Strategic Planning’s expert consulting includes securing and managing the compliance for $797 million in US Treasury CDFI grants and related award funding.