CoVantage Credit Union has been certified by the U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund.
There are 831 certified CDFIs in the U.S., including loan funds, credit unions and community banks. CoVantage is one of three credit unions in Wisconsin to receive this designation, and the only institution in Wisconsin outside of Milwaukee to be designated.
To receive this certification, financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities. CDFI certification allows CoVantage Credit Union to better serve low- and moderate-income consumers and promote financial inclusion in the communities it serves.
The benefits of certification include access to financial grants from the CDFI Fund, partnership opportunities with banks that are seeking Bank Enterprise Awards, access to New Market Tax Credits and enhanced ability to raise funds from foundations, corporations and state and local governments.
According to Brian Prunty, CEO of CoVantage Credit Union, the CDFI certification helps validate that the credit union is meeting its mission “to welcome all regardless of wealth, provide outstanding value and exceptional service, work with members experiencing financial challenge, and remain financially strong.”
In July 2011, CoVantage received a $1.5 million grant to support its rescue refinance program to aid families in danger of losing their home to foreclosure. Designed for borrowers who would not have been eligible for a traditional mortgage refinance, CoVantage leveraged the $1.5 million grant with $10.5 million of its own funds to provide affordable loan terms for individuals struggling with mortgage debt. More than 100 families were able to lower their monthly mortgage payment and keep their home, instead of losing it to foreclosure. As of April 1, all grant funds awarded will have been utilized for that program.
CoVantage Credit Union worked with the National Federation of Community Development Credit Unions’ consulting group, CU Breakthrough, on CDFI certification.
“CDFI certification is a valuable credential that helps credit unions increase their capacity to meet the needs of low-income consumers and to develop strategic partnerships to better connect with the community,” said Pablo DeFilippi, vice president of membership and business development at the federation.
CoVantage Credit Union is a community chartered credit union that serves members throughout Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menominee, Oconto, Oneida, Outagamie, Portage, Price, Shawano, Taylor, Vilas, Waupaca and Wood counties in Wisconsin, as well as in Iron and Dickinson counties in Michigan.
The financial cooperative is headquartered in Antigo and has branch offices in Shawano, Wausau, Weston, Rib Mountain, Rothschild, Rhinelander and Crandon, as well as Iron River and Crystal Falls, Mich.