GoWest Credit Unions Awarded $2.7 Million in CDFI Technical Assistance Awards
Posted by Alyse Knudsen on November 26, 2024
The 2024 Community Development Financial Institution (CDFI) Program Technical Assistance (TA) Awards were announced on Nov. 21, and nine credit unions in the GoWest region received the maximum award of $300,000 each, totaling $2.7 million in awards heading to the six-state region.
Technical Assistance Awards are used by Certified and Emerging CDFIs to build their organizational capacity to provide new or expanded financial products and services to low-income and underserved communities or to become a Certified CDFI. TA award funds are often to purchase equipment, hire consulting or contracting services, pay salaries and benefits, or train staff or board members.
Congratulations to GoWest member credit unions!
Connection Credit Union (WA)
Credit Union of the Rockies (CO)
Embold Federal Credit Union (OR)
Forrit Credit Union (OR)
MariSol Federal Credit Union (AZ)
NW Plus Credit Union (WA)
SnoCope Credit Union (WA)
Unitus Community Credit Union (OR)
Valley Credit Union (OR)
As TA awards help credit unions build capacity to deliver financial products and services, “MariSol will be using the award to hire and train a financial counseling/coaching staff and create an in-house program for our membership,” shared Robin Romero, CEO of MariSol Federal Credit Union. “The funds will also be used to add to our Business Development staff so we can increase lending in our low-income target markets. Last, it will be used for training for small business lending.”
“As a 15-year employee and CEO of Credit Union of the Rockies, this award is deeply meaningful,“ shared Peter Bullard, President and CEO of Credit Union of the Rockies. “It represents not just a transformative milestone for our credit union but a validation of our mission to uplift underserved communities through access to financial resources and education.” The award will be instrumental in strengthening several initiatives, said Bullard, including enhancing member-facing technology, providing targeted financial literacy programs, and creating more accessible lending products for underserved populations. “We believe these steps will further our mission of fostering financial inclusion and empowerment throughout the mountain communities of Colorado.”
SnoCope is working to become a Certified CDFI, and “This grant goes a long way to help us achieve a number of goals and to grow products and services to serve underserved individuals,” said Steven Ellis, President and CEO of SnoCope Credit Union.” SnoCope will use the grant to attract and serve more borrowers from eligible CDFI target market areas by way of: the purchase and installation of a deposit-taking ATM in an eligible CDFI target market area; hiring a new bilingual community development position; professional services for a study to determine the best areas for SnoCope to reach eligible target market area consumers in our field of membership area; training for the Board of Directors and staff; collection services support to build capacity for increasing risk-based lending to become a CDFI; electronic document storage; and online account switch kits. “These investments will have a significant impact on the credit union and will increase the capacity at SnoCope, which would not happen without this grant,” shared Ellis.
GoWest offers CDFI Roundtables for Certified and Emerging CDFI credit unions. These quarterly events offer a place to connect, learn what other credit unions are doing in their communities, stay current on updates and relevant changes, and discover how GoWest can support you on your CDFI journey. 2025 CDFI Roundtable dates will be announced soon.
For more information about CDFI certification and CDFI grants, visit the GoWest Foundation resource guide HERE or reach out to Foundation Strategic Initiatives Manager, Nayab Abbasi.
Posted in All Articles, Community Impact, Economic Empowerment.
