Why being a CDFI matters to Alltru Credit Union – and you.
As a certified Community Development Financial Institution (CDFI), Alltru is mission driven. That means we’re dedicated to providing financial services that meet the needs of everyone – including people and communities typically underserved by traditional banks.
CDFIs are certified by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. In order to become a certified CDFI, financial institutions must:
- Have a primary mission of promoting community development
- Provide financial products and services
- Serve one or more defined low-income target markets
- Maintain accountability to the communities it serves
- Be a legal non-government entity
As an member of Alltru, you are an owner of our institution. We want you to know how your investment at Alltru is affecting the community you live in. Every quarter, we report to the CDFI Advisory Board and Board of Directors on the impact of this work, and we want to share this news with you, our members.
Read our Community Impact Report to see the great work we’re accomplishing, together!
We are proud to be a CDFI for the St. Louis region.
Here’s why we qualify:
- The median family income in our immediate service areas is 71% of the benchmark for our region
- An estimated 15% of people around our locations live below the poverty level
- 50% of our locations are in areas that qualify as CDFI investment areas
- 25% of our locations are in counties with poverty rates above 20%
While location is important, we believe CDFIs should be defined by what they do, not just where they live.
We offer a range of products and services that meet specific needs of the people in our communities. We even have offerings designed for people with low credit scores or no credit histories including: