Mid Minnesota receives $500,000 in CDFI funding
MMFCU was awarded the prestigious honor of being named a Community Development Financial Institution (CDFI) through the federal CDFI Fund, administered by the Department of the US Treasury.
This designation recognizes financial institutions that help foster growth in their respective communities. CDFI's are mission-driven financial institutions dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities.
As a CDFI, MMFCU was able to apply for special funding to build our organizational capacity to better serve low-income individuals and communities that lack adequate access to affordable financial products and services. All CDFI's invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions.
MMFCU will be utilizing the CDFI funding to provide auto loans for reliable vehicles, the opportunity for consumers to establish credit, and safeguarding against predatory lenders. In addition, Mid Minnesota staff has been certified to provide budgeting education to individuals one-on-one helping them towards their financial goals.
This certification truly is a turning point for MMFCU, its members and its communities. It opens doors and provides essential resources to boost opportunities. We are people helping people, through and through.