F A B CHURCH FEDERAL CREDIT UNION
- F A B Church Federal Credit Union has received CDFI certification to enhance economic growth in underserved communities.
- Chairman Deloris Lovette highlighted the certification's role in fulfilling unique financial needs of members facing lending barriers.
- The CDFI Fund supports lending and community development, while CDFIs leverage private capital for federal funding to aid vulnerable residents.
- With CDFI certification, the credit union expects to expand its community impact and further support its members.
The First African Baptist Church (F A B) Church Federal Credit Union is proud to announce it has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department’s CDFI Fund.
This designation is available only to organizations that have proven they provide financial services and products in communities that historically have lacked access to traditional banking services. CDFI certification is granted with the purpose of generating economic growth and opportunity in some of our nation’s most distressed communities.
Chairman of the Board, Deloris Lovette, emphasized that achieving CDFI certification affirms the Credit Union’s longstanding commitment to fostering community development in low-income areas. The designation also highlights the organization’s dedication to meeting the unique financial needs of its members, especially those who often face barriers to traditional lending options.
The CDFI Fund was established in 1994 to boost lending and community development through certified CDFI lenders, allowing them to expand their reach into economically distressed areas and underserved communities. CDFI certification, which is held by less than 1400 institutions nationwide, opens opportunities for federal funding programs that support expanded lending and community development initiatives, supporting financially vulnerable residents and communities. The CDFI Coalition has found that CDFIs leverage $12 in private capital for every dollar it receives in federal funding.
F A B Church Federal Credit Union received assistance with their application from CU Strategic Planning, the top credit union consultancy focused on CDFI certification and CDFI grant applications, along with strategic planning and comprehensive consulting services. “It’s very rewarding to see our credit union partners earn CDFI certification—this designation reflects their tireless work to uplift communities through mission-driven financial services,” CU Strategic Planning President Stacy Augustine said. “CDFI certification opens pathways to additional capital that credit unions can use to expand lending to those who need it most in their communities, improving the lives of their members and beyond.”
Deloris Lovette emphasized that the credit union’s ongoing commitment to its mission and to serving its members remains steadfast. With the recognition provided by CDFI certification, the credit union anticipates new opportunities to extend its support and broaden its positive impact within the community.
Established in 1944, the credit union is conveniently located in the lower level of First African Baptist Church at 23 Montgomery Street in Savannah, Georgia.
For more information about the F A B CDFI Certification and the services offered by the credit union, Please contact Mrs Deloris M. Lovette at (912) 272-3926
