Community Development Financial Institution
In 2010, Industrial CU was granted its Community Development Financial Institution (CDFI) certification. This designation was granted by the U.S. Treasury, with support from the National Credit Union Administration (NCUA), our federal regulator, and the Department of Financial Institutions, Division of Credit Unions, our state regulator. This designation is given to those financial institutions that have a primary mission of community development.
CDFI’s offer an economic lifeline to the communities they serve. These communities, whether defined by geography or by distinct populations, generally have less access to traditional financial services. They are targets for high-priced check cashers and predatory lenders. CDFI’s can provide a platform to serve broader communities through outreach to populations and neighborhoods, participate in government programs and through partnerships with the private sector.
Industrial CU is proud to be a CDFI. This certification has afforded us the opportunity to help small businesses gain the capital they need to remain in business. It has allowed us to bring funds into the community to create jobs. It has provided the occasion for us to consider all of the programs and projects we could support for the community while providing our membership with a safe and sound, fiscally responsible financial institution.