Community development financial institution

U.S. Small Business Administration Now Accepting Applications for Small Business Lending Company License

Retrieved on:

Thursday, June 1, 2023

Small business, Community Advantage Loan, Human, SBA ARC Loan Program, Administration, SBLC, Community, Risk, SBA, Community development financial institution, Community development, Rare-earth element, Bank, Real estate

WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.

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WASHINGTON, June 01, 2023 (GLOBE NEWSWIRE) -- Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, opened a window for new applications for Small Business Lending Company (SBLC) licenses for the first time in over 40 years.
SBA approves Small Business Lending Company Licenses for selected non-depository lenders to increase responsible small business lending.
An SBLC license allows the lending organization to utilize government guarantees when underwriting small business loans to reduce the level of risk to the lender and cost to the borrower.
Community Advantage Pilot Program lenders may learn how to transition to a permanent, Community Advantage SBLC License here: https://www.sba.gov/document/information-notice-5000-846918-community-ad... .

U.S. Department of Treasury Recertifies Ponce Bank as a Community Development Financial Institution

Retrieved on:

Wednesday, May 24, 2023

U.S. Department of the Treasury, Office of Inspector General, MDI, U.S. Department of Defense Strategy for Operating in Cyberspace, Certification, Treasury, CDFI, Community development financial institution, Community development, Bank, Cryptocurrency

NEW YORK, May 24, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced that the U.S. Department of the Treasury (“Treasury”) officially recertified the Bank as a Community Development Financial Institution (“CDFI”) on May 19, 2023.

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NEW YORK, May 24, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced that the U.S. Department of the Treasury (“Treasury”) officially recertified the Bank as a Community Development Financial Institution (“CDFI”) on May 19, 2023.
This recertification validates and empowers the Bank’s mission to support Low and Moderate-Income communities and communities of color in and around New York City as well as a national commitment to support Hispanic, African-American, and Low-Income communities throughout the U.S.
“As a mission driven bank since the Bank was founded in 1960, we have always maintained our commitment in playing a role in changing the lives of our underserved customers and communities by giving them access to vital banking products and services.
We represent one of only 33 banks in the country that have earned both the CDFI and Minority Depository Institution ("MDI") designations,” said the Company’s President and CEO Carlos Naudon.
The recertification recognizes the unique role of such institutions, seeing that targeted funds are deployed equitably and for the benefit of all those whose lives and livelihoods they are intended to support.

North Island Credit Union First Credit Union in San Diego County to Earn CDFI Certification

Retrieved on:

Wednesday, May 24, 2023

California Credit Union, Community Development Financial Institutions Fund, Certification, Literacy, CU, Organization, Department of the Treasury, CDFI, Community development financial institution, North Island Credit Union Amphitheatre, Growth, Community development, Credit union, Nursing, Bank

SAN DIEGO, May 24, 2023 /PRNewswire/ -- North Island Credit Union announced today that it is the first credit union in San Diego County to receive certification as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department's CDFI Fund. The CDFI certification is available only to organizations that have proven they provide financial services and products in communities that have historically lacked access to traditional banking services.

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Through the Community Development Certification, Credit Union Will Expand Programs to Serve and Support Underserved San Diego Communities
SAN DIEGO, May 24, 2023 /PRNewswire/ -- North Island Credit Union announced today that it is the first credit union in San Diego County to receive certification as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department's CDFI Fund.
"We're excited to earn this certification, which will enable us to expand on our mission to improve lives in our San Diego communities.
North Island Credit Union is the first credit union to receive the designation in San Diego County; there are now 36 CDFI certified credit unions in the state, per CDFI Fund data as of May 15, 2023.
In earning the certification, North Island Credit Union worked with CU Strategic Planning, a Tacoma, Washington-based firm that assists institutions with the CDFI application process.

California Credit Union Earns CDFI Certification

Retrieved on:

Wednesday, May 24, 2023

Community Development Financial Institutions Fund, California Credit Union, Certification, Literacy, CU, Organization, Department of the Treasury, CDFI, Community development financial institution, Growth, Community development, Credit union, Nursing, Bank, Property management

GLENDALE, Calif., May 24, 2023 /PRNewswire/ -- California Credit Union announced today that it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department's CDFI Fund. The CDFI certification is available only to organizations that have proven they provide financial services and products in communities that have historically lacked access to traditional banking services.

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Through the Community Development Certification, Credit Union
GLENDALE, Calif., May 24, 2023 /PRNewswire/ -- California Credit Union announced today that it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department's CDFI Fund.
With California Credit Union's designation, there are now seven CDFI certified credit unions in Los Angeles County and 36 in the state, per CDFI Fund data as of May 15, 2023.
CDFI certification is the latest step in California Credit Union's mission to meet the needs of underserved populations in its communities.
In earning the certification, California Credit Union worked with CU Strategic Planning, a Tacoma, Washington-based firm that assists institutions with the CDFI application process.

The Fedcap Group Reports First Half Fiscal Year 2023 Financial and Operating Results

Retrieved on:

Thursday, May 11, 2023

The Fedcap Group, the parent company for 23 nonprofit subsidiaries, in the United States, Canada, and the United Kingdom, released its operating and financial results for the first half of fiscal year 2023 that ended March 31, 2023.

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The Fedcap Group, the parent company for 23 nonprofit subsidiaries, in the United States, Canada, and the United Kingdom, released its operating and financial results for the first half of fiscal year 2023 that ended March 31, 2023.
Commenting on the results, The Fedcap Group’s President and CEO Christine McMahon noted, “This was another period of solid growth and significant accomplishment for The Fedcap Group.
In the first half of the 2023 fiscal year, The Fedcap Group served just under 140,000 individuals, including those screened for state and federal benefits through our Single Stop program—a 50% increase year-over-year.
“The Fedcap Group’s strong operating and financial position has enabled us to greatly expand the number of individuals we serve.

Tricolor Wins Fintech Nexus Award for Excellence in Financial Inclusion

Retrieved on:

Thursday, May 11, 2023

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DALLAS, May 11, 2023 (GLOBE NEWSWIRE) -- Tricolor Holdings today announced that it has been named the Fintech Nexus Award winner for Excellence in Financial Inclusion.

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DALLAS, May 11, 2023 (GLOBE NEWSWIRE) -- Tricolor Holdings today announced that it has been named the Fintech Nexus Award winner for Excellence in Financial Inclusion.
Given to the financial services company making the biggest difference in expanding access to financial services for the underserved population, Tricolor was recognized for its proven track record leveraging innovation and artificial intelligence to improve physical and financial mobility.
As a result, Tricolor routinely earns Net Promoter Scores that are superior to even the biggest names among both disruptors and traditional automotive retailers.
Tricolor has been routinely recognized for its important work supporting consumers, including being named one of Inc. Magazine’s Best in Business for 2022
For more information about Tricolor, please visit tricolorholdings.com and tricolor.com .

U.S. Department of Treasury Certifies Ponce Financial Group, Inc. as a Community Development Financial Institution

Retrieved on:

Tuesday, May 2, 2023

U.S. Department of the Treasury, Office of Inspector General, Housing, U.S. Department of Defense Strategy for Operating in Cyberspace, Education, Survival, Certification, Treasury, CDFI, Community development financial institution, Community development, PFG, Cryptocurrency

NEW YORK, May 02, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced that the U.S. Department of the Treasury (“Treasury’) officially certified Ponce Financial Group, Inc. (“PFG”), the holding company for Ponce Bank (the “Bank”) as a Community Development Financial Institution (“CDFI”) on April 28, 2023.

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NEW YORK, May 02, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced that the U.S. Department of the Treasury (“Treasury’) officially certified Ponce Financial Group, Inc. (“PFG”), the holding company for Ponce Bank (the “Bank”) as a Community Development Financial Institution (“CDFI”) on April 28, 2023.
He went on to add, “We can’t stand by and watch all the benefits or our financial system accrue to the largest banks and their wealthy customers.
By keeping funds within the neighborhoods we serve, Community Development banking builds resiliency and generates jobs, housing, and services that are critical to the survival and post-pandemic recovery of these areas.”
CDFI Certification provides access to numerous grants, programs, and funding sources designed to provide impact on these underserved communities and is consequently a critical strategic milestone for PFG.
The Certification recognizes the unique role of such institutions, seeing that targeted funds are deployed equitably and for the benefit of all those whose lives and livelihoods they are intended to support.

SkyPoint FCU hires Carla Decker as CEO

Retrieved on:

Tuesday, May 2, 2023

SkyPoint Federal Credit Union (SkyPoint) is pleased to announce the hiring of their new CEO, Carla Decker, who assumes the position from retiring CEO, James H. Norris III.

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SkyPoint Federal Credit Union (SkyPoint) is pleased to announce the hiring of their new CEO, Carla Decker, who assumes the position from retiring CEO, James H. Norris III.
Decker brings over 25 years of experience leading credit unions in the Washington, DC area.
As president/CEO of DC FCU, Decker helped triple its assets, expand its service area, and earn Community Development Financial Institution (CDFI) status by empowering historically underserved low- and moderate-income residents.
As COO of IDB Global FCU, Decker's team delivered personalized services to members in 75 countries via an omnichannel digital banking strategy.

BMO Commits $5 Million to Advance Homeownership and Grow Small Businesses

Retrieved on:

Monday, May 1, 2023

"Investments like these are at the core of our Purpose, to Boldly Grow the Good in business and life," said Kimberley Goode, Chief Communications and Social Impact Officer, BMO.

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"Investments like these are at the core of our Purpose, to Boldly Grow the Good in business and life," said Kimberley Goode, Chief Communications and Social Impact Officer, BMO.
A $3 million commitment over two years will drive progress towards addressing the racial wealth gap and advance homeownership for low income and minority communities.
BMO's $2 million commitment over two years will help fuel growth for small businesses by providing better access to capital, educational resources, and meaningful networking opportunities.
The $5 million commitment reinforces BMO's focus on increasing home ownership and supporting the growth of small businesses in low-to-moderate income neighborhoods and communities of color.

BMO Commits $5 Million to Advance Homeownership and Grow Small Businesses

Retrieved on:

Monday, May 1, 2023

"These grants will strategically support vital community organizations to increase minority homeownership, drive the development of affordable housing and support the growth of small businesses to help the communities we serve achieve real financial progress."

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"These grants will strategically support vital community organizations to increase minority homeownership, drive the development of affordable housing and support the growth of small businesses to help the communities we serve achieve real financial progress."
A $3 million commitment over two years will drive progress towards addressing the racial wealth gap and advance homeownership for low income and minority communities.
BMO's $2 million commitment over two years will help fuel growth for small businesses by providing better access to capital, educational resources, and meaningful networking opportunities.
The $5 million commitment reinforces BMO's focus on increasing home ownership and supporting the growth of small businesses in low-to-moderate income neighborhoods and communities of color.