Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Knoxville Business News Tennessee Mountain Scenery Background
March 01, 2023 | Tom Ballard

Seven TN financial institutions receive $2.76 million to help underserved communities

These dollars come from the U.S. Department of the Treasury’s Community Development Financial Institutions program.

Seven Tennessee financial institutions were among 252 Community Development Financial Institutions (CDFIs) across the nation sharing $194.1 million in financial assistance awards through the U.S. Department of the Treasury’s CDFI Fund. The Volunteer State’s share of the pie was $2.76 million.

The announcement of the FY22 allocations was made earlier this week. These awards will allow CDFIs to build on their capacity and substantively expand lending and investment activity in underserved communities. The recipients include 137 loan funds, 73 credit unions, 40 depository institutions and holding companies, and two venture capital funds. Award recipients also included 23 CDFIs that are also Minority Depository Institutions, as designated by the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration.

Those from the Volunteer State and their allocations are:

  • Copper Basin Federal Credit Union in Copperhill ($125,000);
  • Decatur Bancshares Inc. in Decaturville ($325,000);
  • Homeworks Community Lending LLC in Johnson City ($125,000);
  • Security Bancshares Inc. in Paris ($660,000);
  • Southern Security Credit Union in Collierville ($740,000);
  • Tennessee Members First Federal Credit Union in Oak Ridge ($660,000); and
  • Turnaround Community Lending in Rutledge ($125,000).

Since its creation in 1994, the CDFI Fund has awarded nearly $5.7 billion to CDFIs, community development organizations, and financial institutions. In addition, the CDFI Fund has allocated $71 billion in tax credit allocation authority to Community Development entities through the New Markets Tax Credit Program and closed guaranteed bonds for more than $2.1 billion through the CDFI Bond Guarantee Program.

Don’t Miss Out on the Southeast’s Latest Entrepreneurial, Business, & Tech News!

Sign-up to get the Teknovation Newsletter in your inbox each morning!

  • This field is for validation purposes and should be left unchanged.

No, thanks!