1st Valley Credit Union Approved To Make More Micro, Auto And Home Loans
(San Bernardino, Calif.) The U.S. Department of the Treasury’s Community Development Financial Institution Fund has certified 1st Valley Credit Union (1stValleyCU.com) as a Community Development Financial Institution or CDFI. The certification provides access to funds for 1st Valley to offer additional loans to San Bernardino County members who live in economically distressed communities or areas that are underserved by mainstream financial institutions.
“This is validation of our commitment to San Bernardino County as a lender that helps our members with the loans and financial tools they need,” said 1st Valley Credit Union’s President Gregg Stockdale.
“People need loans to buy homes, fund small businesses and buy cars. As a credit union and now as a Community Development Financial Institution, we have more flexibility and access to increased funding. This in turn grants us the ability to provide a greater number of loans that people need. We are making good loans to good people,” said Stockdale.
The CDFI Fund promotes economic revitalization and community development in low-income and rural communities across America. Current economic conditions in San Bernardino County make the area a prime target for reinvestment.
CDFI certification makes 1st Valley Credit Union eligible to receive additional Technical and Financial Assistance grants to make more loans and provide other to affordable financial services for low-income consumers and underserved communities.
CDFI Funds have been used to create and expand programs such as mortgage financing for low-income and first-time homebuyers, loans for micro and small businesses, and financial education programs. Being eligible to apply for funding does not guarantee approval of CDFI grant requests.
“To obtain the certification, 1st Valley Credit Union secured assistance from the National Federation of Community Development Credit Unions (the Federation), a trade association that represents the vast majority of credit unions that are currently certified as CDFIs,” said Pablo DeFilippi, Federation’s Membership Director.
The Federation was established in 1974 by a coalition of credit union leaders dedicated to revitalizing low-income communities. The Federation’s mission is to promote financial inclusion through credit unions by strengthening the capacity of Community Development Credit Unions (CDCUs), to provide services to low-income, urban, and rural economically distressed communities.
“We congratulate 1st Valley Credit Union for pursuing CDFI certification, which represents an official recognition of the groundbreaking work they have been doing for many years to bring affordable financial services to low-income consumers and underserved communities,” continued DeFilippi.
For more information call (909) 889-0838 or go online to 1stValleyCU.com
About 1st Valley Credit Union
1st Valley Credit Union is a locally owned and managed serving all of San Bernardino County with its headquarters at 401 West 2nd Street in San Bernardino. 1st Valley is the county’s only 5-Star Rated financial institution. They have $35 million in assets, and more than 3,600-members. Members receive a full suite of financial products and services at competitive rates delivered with outstanding customer service and 6,400 (walk-in) Shared Branch locations and 2,500 ATMs. For more information call (909) 889-0838 or go online to 1stValleyCU.com