FOR IMMEDIATE RELEASE: September 15, 2005
Schumer Announces $481,680 for Syracuse Cooperative Federal Credit Union
Federal Funds Allow Expansion of Syracuse Cooperative Federal Credit Union’s Mission to Stabilize, Revive and Redevelop Urban Neighborhoods in Syracuse
U.S. Senator Charles E. Schumer today announced $481,680 for the Syracuse Cooperative Federal Credit Union (SCFCU) from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the Treasury. A financial assistance grant of $431,680 will allow the SCFCU to expand the basic banking services it provides to an underserved community. A technical assistance grant of $50,400 will be used to improve the quality of SCFCU’s products and services.
“This is great for the Central New York,” said Schumer. “Programs like these provide critical services, and SCFCU allows organizations to help people when they need it the most. This funding is important for helping New Yorkers and building strong communities.”
The SCFCU will use the financial assistance grant to capitalize its lending programs and balance its net worth. The technical assistance grant will allow the SCFCU to improve their existing products and services in order to keep up with membership expansion. The SCFCU, founded in 1982, is a rapidly growing credit union serving a diverse membership of low-income households in the urban core of Syracuse. SCFCU brings a full range of basic financial services to its members with a goal of building member creditworthiness, homeownership, and small business development.
Community Development Financial Institutions Fund uses federal resources to invest in and build the capacity of private, for- and non-profit financial institutions with a primary mission of community development, known CDFI. Its mission is to expand the capacity of financial institutions to provide credit, capital and financial services to underserved populations and communities in the United States. Since its creation, the Fund has made $729 million in awards to community development organizations and financial institutions. Financial Assistance awards leverage private sector resources to help CDFI further goals of economic development, affordable housing and community development financial services. Technical assistance grants can be used to purchase needed computer hardware or software, obtain consulting services, or pay for the training of staff.