OTTUMWA-Community 1st Credit Union has rolled out a new C1st Cash Loan designed specifically for low-income and under-served individuals. The loans are backed by the Community Development Financial Institution (CDFI) Fund. Gaining certification in 2017 by the U.S. Department of the Treasury as a CDFI allows C1st access to financial grants such as these.
“We’re thrilled to have this opportunity,” said Greg Hanshaw, Community 1st Credit Union President and CEO. “One of our goals is to help build the long-term financial health of individuals in our communities, and this is one step toward making that a reality.”
The credit union is the fifth Iowa financial institution to gain the designation to specialize in serving low-income, underserved individuals and economically distressed areas. In addition to financial grants, the certification allows C1st partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits, and the enhanced ability to raise funds from foundations, corporations, and state and local governments.
Since its creation more than 20 years ago, the CDFI Fund has awarded more than $2 billion to CDFIs around the country to help build businesses, create jobs, and revitalize neighborhoods.
Community 1st Credit Union is a not-for-profit financial cooperative with more than $630 million in assets. The credit union, headquartered in Ottumwa, was established in 1936 and serves more than 57,000 members, and has more than 230 employees. The credit union has branches in Albia, Bloomfield, Cedar Rapids, Centerville, Chariton, Fairfield, Grinnell, Indianola, Knoxville, Mount Pleasant, Oskaloosa, Ottumwa, Pella, and Washington. For more information, call 866-360-5370 or visit c1stcu.com.