We are excited to announce that Point West has received its CDFI certification from the US Treasury’s Community Development Financial Institutions (CDFI) Fund. The certification is a reflection of Point West’s mission of promoting community development and providing development services in conjunction with its financing activities.
CDFI certification will allow your credit union to better serve the low and moderate-income consumers and promote financial inclusion in Multnomah, Clackamas, Washington and Yamhill counties. The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with other financial institutions and community organizations, access to New Market Tax Credits and the enhanced ability to raise funds from foundations, corporations and state and local governments. Prior to certification, Point West had received Low Income Designation from the National Credit Union Administration (NCUA), providing the credit union with the option to accept deposits from non-members, offer secondary capital accounts and receive exemption from the aggregate limit on member business lending.
“Financial wellness is our primary mission here at Point West, and together with our members and community partners, CDFI certification will allow us to amplify our efforts to reach those most in need of accessible and affordable financial products and services, “said Amy Nelson, your President and CEO here at Point West. ”We look forward to building capacity and engaging our community in new and exciting ways.”
Point West worked with the National Federation of Community Development Credit Unions’ consulting group, CU Breakthrough, on CDFI certification. “CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community,” says Pablo DeFilippi, VP of Membership and Business Development at the Federation. “Low income designation combined with CDFI certification are the building blocks for sustainable growth for communities in the Portland metropolitan area.”
Point West is excited to join the 808 certified CDFIs currently in the US, including loan funds, credit unions and community banks. For more information on the US Treasury’s CDFI program and initiatives, visit cdfifund.gov.