The Community Development Financial Institutions Fund (CDFI) awarded $2 million to Latino Community Credit Union for its branch expansion projects.  Treasury Secretary, Tim Geithner, announced this award on June 29, 2009, as part of a $90 million award program that the Obama administration has given to Community Development Financial Institutions in 26 states across the country.

Only 9 out of 30 credit unions that applied for these awards received them, including Latino Community Credit Union who received the $2 million award.  Furthermore, only two institutions in North Carolina received a CDFI award. This award proves both the financial strength of LCCU and the important impact that it has made to the lives of its over 50,000 members.  

According to Secretary Geithner, these awards will help generate mortgage loans for homebuyers and fund community projects across the country.  In the specific case of LCCU, the funds will be used to expand services by opening two new branches in order to better serve the Latino population in North Carolina.

For more information go to: CDFI