JetStream FCU Receives $1.2 Million CDFI Grant Award, Looks to Boost Assistance to Small Business Members
JetStream Federal Credit Union has been awarded a $1.2 million Community Development Financial Institution (CDFI) grant from the United States Treasury to help finance Small Business Loans.
- Miami, FL (1888PressRelease) October 21, 2014 - Looking to further help its small business members succeed, JetStream Federal Credit Union ($164 million; 20,126 members; Miami Lakes, FL) can fulfill that mission now, as it has been awarded a $1.2 million Community Development Financial Institution (CDFI) grant from the United States Treasury. CU Strategic Planning, a CDFI grant writing and marketing consulting firm, successfully assisted JetStream in gaining this award for the 2014 CDFI Program funding round.
"We are absolutely thrilled to be awarded this grant," states JetStream President/CEO Jeanne Kucey. "We look forward to assisting more members with greater resources and strengthening our bottom line at the same time."
Adding to the good news, Bauer Financial found that JetStream led all Florida credit unions with 456% growth in business loans for the 12 months ending March 31, 2014.
According to Kucey, assisting local small business owners start and expand their businesses will help create jobs and positively affect the credit union's ability to operate a self-sustaining full-service, low-to-moderate income financial products and services program. This move, in turn, will impact projections to increase first time account holders and move members from predatory lenders to low cost credit union loans.
"Our goal is to become the leading financial institution serving and assisting low-to-moderate income small business owners in Dade County and Puerto Rico," she says. "Because of our size and limited resources, we were in need of additional funds to meet the member business lending requests in our local communities. We believe our CDFI grant award will help us succeed in this area tremendously, allowing us to become even more of a primary financial resource in our community."
JetStream is a certified CDFI with one simple goal: Improve the overall financial knowledge, options, and conditions for its diverse, low income, and multi-ethnic membership. By providing microenterprise lending and credit building loans, the credit union will be assisting the low and moderate income members of its communities to build assets and achieve financial security and independence.
"CDFI credit unions need to share our successes with politicians, regulators, and the general public," Kucey concludes. "In doing so we will help these groups to better understand the credit union difference, consequently enhancing our advocacy and marketing efforts."
About JetStream Federal Credit Union
JetStream Federal Credit Union is a full-service financial cooperative with $164 million in assets, serving over 20,000 members. The 66-year-old credit union has 7 branches located in Miami, Miami Lakes, Doral and Hialeah, Florida and San Juan, Puerto Rico. Membership is open to anyone (and their family members) who lives, works, worships or attends school in sections of Miami-Dade County, Florida, and anyone (and their family members) who lives, works, worships or attends school in Carolina, Trujillo Alto and San Juan, Puerto Rico. All persons (and their family members) who work in any of our select companies and organizations located in Miami-Dade County and the select areas of Puerto Rico may also join. Membership is open to businesses and other legal entities located in Miami-Dade County, Florida and the select areas of Puerto Rico. For additional information, visit our website at www.jetstreamfcu.org.
About CU Strategic Planning
Appropriately headquartered in Washington State's City of Destiny-Tacoma, WA-CU Strategic Planning works with credit unions across the country that embrace their cooperative roots. One part strategy lab and one part miracle maker, CU Strategic Planning helps credit unions realize their full potential through strategic planning, market research, underwriting and collections policy enhancement, ROA consulting, staff training and CDFI grant writing. For more information, visit www.creditunionstrategicplanning.com.
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