Senator Murray Secures Over $12 Million to Support Community Development Financial Institutions Across WA State, Including Those Serving Tribal Communities

Funding comes from appropriations bills Senator Murray authored and passed

Washington, D.C. - Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Appropriations Committee, announced over $12 million from the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund to support 14 financial institutions across Washington state that provide financial products and services to low-income and underserved people, including in Tribal communities. The funding-in the form of Technical Assistance (TA) awards announced last week, and Financial Assistance (FA) awards announced in September-comes from the fiscal year 2024 and fiscal year 2023 appropriations bills Senator Murray helped author and pass, and will help local and Tribal financial institutions build their capacity, grow, and better serve low-income and Tribal communities throughout Washington state.

"We can't have a strong economy if communities are being left behind-that's why this funding for CDFIs is so crucial. These institutions help people buy homes, start businesses, and grow their communities by providing financial services to people who are at risk of being overlooked," said Senator Murray."I'm pleased to see federal funds I secured as Appropriations chair coming back to Washington state, to help these institutions continue and expand the many services they provide. From making housing more affordable, to providing loans for small business owners, to connecting entrepreneurs and families alike with financial training they need to succeed-these investments are going to open so many doors of opportunity for Tribes, low-income communities, and people across Washington state.

The following entities in Washington state were awarded funding:

• $500,000 in financial assistance fundingfor the Chehalis Tribal Loan Fund in Oakville, WA to provide financial literacy and empowerment resources, along with financial services, to members of the Chehalis Tribe.
• $2,000,000 in financial assistance funding for the Northwest Native Development Fund in Coulee Dam, WA to foster economic and financial independence for Tribal communities through financial education and services.
• $350,000 in financial assistance funding for Pacific Northwest Tribal Lending in Bellingham, WA to provide education, financing, and asset growth resources to Tribal communities.
• $1,400,000 in financial assistance funding for the Taala Fund in Taholah, WA to provide financial services to and promote economic development and financial inclusion for the Quinault Indian Reservation community.
• $300,000 in technical assistance funding for the Connection Credit Union in Silverdale, WA.
• $625,000 in financial assistance funding for the Great NorthWest Federal Credit Union in Aberdeen, WA.
• $625,000 in financial assistance funding for the Industrial Credit Union of Whatcom County in Bellingham, WA.
• $900,000 in financial assistance funding for the Kitsap Credit Union in Bremerton, WA.
• $2,400,000 in financial assistance funding for the Northwest Access Fund in Shoreline, WA.
• $300,000 in technical assistance funding for the Northwest Plus Credit Union in Everett, WA.
• $800,000 in financial assistance funding for the Seattle Economic Development Fund in Tukwila, WA.
• $900,000 in financial assistance funding for the Seattle Metropolitan Credit Union in Seattle, WA.
• $300,000 in technical assistance funding for the SnoCope Credit Union in Everett, WA.
• $725,000 in financial assistance funding for the Verity Credit Union in Seattle, WA.

Recognizing the important role Community Development Financial Institutions (CDFIs) play in communities in Washington state and throughout the country, Senator Murray has worked throughout her career to boost funding for CDFIs. She successfully secured $354 million for the CDFI Fund in the draft appropriations bill for fiscal year 2025-a $30 million increase over fiscal year 2024-to generate economic growth and provide access to credit and technical assistance to underserved communities across the country. This includes $35 million-a $7 million increase-for the Native CDFI Assistance Program (NACA) to promote access to capital and financial services in Native communities.

Through the CDFI Program's Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and nonprofit community-based lending organizations known as Community Development Financial Institutions (CDFIs). These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.

Through the CDFI Program's NACA Program Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and nonprofit community-based lending organizations known as Native Community Development Financial Institutions, or Native CDFIs, and entities proposing to become or create Native CDFIs. These organizations serve low-income Native American, Alaska Native, and Native Hawaiian people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.

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