Greater Nevada Credit Union has been certified as a Community Development Financial Institution (CDFI). The U.S. Department of Treasury issued the certification to Greater Nevada Credit Union in January of this year. With $1.6 billion in assets, Greater Nevada Credit Union is both the largest financial institution and the only CDFI-certified credit union with headquarters in the state of Nevada.
To be eligible for certification as a CDFI, financial institutions must adhere to stringent requirements such as offering services for development, remaining accountable to their main target market, and striving to promote development within their communities. CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from conventional financial institutions.
The CDFI designation will allow Greater Nevada Credit Union to explore innovative new programs for individuals who may not qualify for conventional loans, deposit accounts, and down-payment assistance programs. Organizations can apply for the CDFI fund’s grant, tax credit, and bond programs that are administered annually. Those funds can be used to build the resources to better serve low-income individuals and communities that lack adequate access to affordable financial products and services.
Greater Nevada Credit Union worked with CU Strategic Planning, a Tacoma, Washington-based firm that assists institutions with the CDFI application process. Certified CDFIs are part of a national network promoting economic growth in America’s underserved communities by financing businesses, creating jobs, and rebuilding neighborhoods.
For more information, visit www.gncu.org.
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