Valley First Credit Union, located in Modesto, Calif., Received the Community Development Financial Institution (CDFI) designation last week and local officials believe it will help the local economy by providing its citizens with financial services for meet the needs of the disadvantaged economy.
“We are proud and excited to be awarded this designation on behalf of our communities and their people,” said Kathryn Davis, President and CEO of Valley First Credit Union. “Our mission has always been about ensuring that we can serve the most people in our communities, this designation and the focus on underserved groups will take that to a new level.”
According to Valley First ($ 884 million in assets, 73,480 members), the credit union will be able to use the CDFI label to its advantage by investing in the underbanked or unbanked Stanislaus County residents who need it most. financial services.
“The Stanislaus Community Foundation recognized several years ago that there are important elements missing from our economic ecosystem that prevent our community from reducing significant public and private investments,” said Marian Kaanon, President / CEO of the Stanislaus Community Foundation. “One of those missing pieces was a locally based community development financial institution. Valley First Credit Union recognized that it could fill this critical void by achieving the CDFI designation. Now that Valley First is a CDFI, they can help meet the needs of more local residents. It’s a win-win for all of us.
A Stanislaus County official said the Central California region urgently needs the types of financial services Valley First can provide by being designated CDFI.
“Stanislaus County has recognized for years the lack of access to capital for businesses and individuals in our underprivileged communities. This shortfall was more evident than ever during the pandemic, as much of the federal and state business assistance programs never reached these communities, ”said Terry Withrow of the Stanislaus County Board of Supervisors. “We are very grateful and proud of Valley First Credit Union for achieving the designation of Community Development Financial Institution. Having a locally owned CDFI will fill the missing link needed to develop our county’s economy for all of our citizens.