“As a Community Development Financial Institution (CDFI), Erie Federal Credit Union’s mission is to empower underserved communities through the delivery of financial education, counseling, community partnerships, and responsible and affordable products and services.”
Community Development Financial Institutions - or CDFIs - are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities.
CDFIs invest in local communities and the residents who live there by providing critically needed financing often unavailable from mainstream financial institutions.
CDFIs are certified by the U.S. Department of the Treasury's Community Development Financial Institutions Fund - known as the CDFI Fund. In order to become a certified CDFI, the financial institution must: have a primary mission of promoting community development; provide financial products and services; serve one of more defined low-income target markets; maintain accountability to the community it serves; and be a legal non-governmental entity.
All CDFIs share a common mission of serving low-income communities. CDFIs are commonly loan funds, credit unions, community banks, or venture capital funds.
Certified CDFIs are part of a national network promoting economic growth in America's underserved communities by financing businesses, creating jobs, and rebuilding neighborhoods.
As a CDFI, Erie Federal Credit Union puts the community first and values local, economic growth.
The CDFI Fund does not give loans directly to individuals, businesses, or projects. Instead, the CDFI Fund helps to capitalize CDFIs that, in turn, provide financing to their local communities.
Once certified, CDFIs are able to apply for the CDFI Fund's grant, tax credit, and bond programs that are administered annually. After a multi-phased and rigorous competitive review process, only the most highly qualified CDFIs are selected to receive funding through the various programs.
Through the CDFI Funds programs, CDFIs are able to build their organizational capacity to better serve low-income individuals and communities that lack adequate access to affordable financial products and services.
Erie Federal Credit Union provides individuals and businesses with financial services to promote local growth and economic development.
As a CDFI, Erie Federal Credit Union is dedicated to serving the residents and businesses of our communities that historically lack access to financial services to encourage our community to participate in the mainstream economy.
For more about Erie FCU’s CDFI certification, Click here
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To learn more on how to file a complaint of discrimination on the basis of race, color, national origin, sex, age or disability, click here.
