by Katie Tucker Wentzville, MO (December 12, 2019) – 1st Financial Federal Credit Union, Great Rivers Community Capital/Justine PETERSEN, and IFF were among three Community Development Financial Institutions (CDFI) serving underserved communities in St. Louis recently awarded $4.4M in grants by the U.S. Treasury’s CDFI Program Fund.
The CDFI Program invests in and builds the capacity of credit unions and loan funds to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. In 2019 the CDFI Fund awarded $182,471,140 to 321 organizations in 46 states, the District of Columbia, and Puerto Rico.
Grant awards allow CDFIs to sustain and expand their financial products and services and can be used to achieve objectives such as, an increase in volume of products or services, to provide new products or services, expand operations into new geographic areas or service new targeted populations.
“I am proud to announce the FY 2019 CDFI Program and NACA Program awards,” said CDFI Fund Director Jodie Harris. “I am especially pleased that almost half of the awarded organizations have chosen to provide services in areas of persistent poverty, which will lead to significant impact for residents in some of the most distressed communities nationwide.”
All three awarded CDFI’s are members of the St. Louis CDFI Coalition, a partnership among eight institutions that offer an array of capital, development, and consulting services and share a common mission to empower a comprehensively healthy St. Louis community through support for nonprofits, small businesses, and communities facing disinvestment.
The Coalition was born out of several calls from the Ferguson Commission Report including, enhanced access to banking in order to build equity. All Coalition members offer mission-driven loans and other resources which are more flexible and accessible than traditional financing. Loans and resources through these institutions are deployed across the region into some of St. Louis’ most economically distressed communities.
ABOUT 1ST FINANCIAL FEDERAL CREDIT UNION
Established in 1968, 1st Financial Federal Credit Union is full-service financial cooperative whose mission is to improve the financial well-being of its members. Membership is available to anyone who lives, works, or worships within St. Charles county, St. Louis county, or the City of St. Louis. For more information visit www.thebetterwaytobank.org.
ABOUT JUSTINE PETERSEN/GREAT RIVERS COMMUNITY
Justine PETERSEN (jP) was created in 1997 to connect institutional resources with the needs of low-to-moderate income families and individuals in order to build assets and create enduring change. Furthering the legacy of St. Louis social worker Justine M. Petersen, jP partners with financial institutions such as Alltru, public entities and philanthropic organizations to impact the lives of families throughout the United States through credit building, home ownership and small business development. Learn more at www.justinepetersen.org.
ABOUT IFF
IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive by creating opportunities for low-income populations and individuals with disabilities. Since 1988, IFF has provided $701.6 million in flexible, affordable financing to nonprofits serving a variety of sectors – affordable housing, health care, education, community development, and more. These investments have leveraged $2.3 billion and impacted communities by creating more than 5,000 child care slots, 46,000 charter school seats, 256,000 new patient visits, 7,000 units of affordable housing, 2,000 beds at supportive housing agencies, and 66,000 full- or part-time jobs. Learn more at https://iff.org/.