Author: Williams, Marva
Summary
This publication describes the community development impacts of community development credit unions (CDCUs). There are currently about 300 CDCUs in the U.S. Their mission is to provide access to financial services and credit in low-income communities, many of which have been abandoned by banks and other financial institutions. CDCUs are an important source of financing for community development activities. However, the financing impacts of CDCUs, such as the development of affordable housing, the establishment, growth and stabilization of small businesses and micro-enterprises and other community development activities have not been well documented outside the CDCU movement. This report fills this gap by highlighting the community development activities of eight credit unions, located in geographically, economically, and demographically diverse communities throughout the U.S.: Bethex and Central Brooklyn in New York City; Demopolis in western Alabama; Faith Community United of Cleveland; Santa Cruz Community in California; St. Luke and Tri-County in northeastern North Carolina; and Vermont Development, a statewide CDCU.
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Credit to the Community: The Role of CDCUs in Community Development
