Communicating Arts Credit Union (CACU) recently announced that it has received a 750K grant from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The grant, which is part of a total of $104.9 million in awards distributed nationwide, was one of 180 given to local financial institutions serving struggling communities in 44 states and the District of Columbia.
These grants represent the largest single round of awards in the CDFI Fund’s history and will help financial institutions support local entrepreneurs and small businesses, and spur local economic growth and recovery by expanding access to capital and affordable financial services in underserved areas.
“With this grant, Communicating Arts Credit Union will be able to expand our impact and provide the critical financial support that our members need,” said CACU president Hank Hubbard.
The CDFI Fund received 408 applications from organizations across the nation requesting more than $467 million in funding under the FY 2010 round of the CDFI Program announced today. This included 322 applications requesting more than $458.9 million under the Financial Assistance Program. CACU was the only credit union — and one of only two financial institution awardees — in Michigan to receive a grant.