LOW INCOME DESIGNATION
If 50% plus one of your members is considered low income, your credit union can access these benefits of the Low Income Designation:
- Accept non-member deposits from any source;
- Offer secondary capital accounts;
- Receive exemption from the aggregate loan limit for member business loans;
- Receive consulting services from NCUA's Office of Small Credit Union Initiatives;
- Access resources of other federal government agencies and non-profits with lower barriers.
CDFI Certification is the U.S. Department of Treasury's recognition of specialized finanicial institutions that are expanding economic opportunity in low-income communities.
- Financial assistance with access to billions in CDFI grants and program funds
- Technical assistance through the CDFI Fund's Capacity Building Initiative
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