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FORT LAUDERDALE, FL, August 30, 2020 /24-7PressRelease/ -- We Florida Financial is pleased to announce its certification by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI). CDFIs are mission-driven financial institutions dedicated to providing services to meet the needs of economically disadvantaged individuals in underserved communities. In order to become a CDFI, a financial institution must have a primary mission of promoting community development, providing financial services, must serve one or more defined low income target markets, maintain accountability to the community it serves and be a legal non-governmental entity. We Florida Financial's operating practices meets all these requirements.
We Florida Financial members in Broward, Miami-Dade and Palm Beach face numerous financial challenges which we have pledged to help alleviate. The credit union's commitment to providing solutions that increase opportunities, is illustrated by practices derived from its core purpose. In 2019, 27% of its lending and 42% of the credit union's development services were deployed in economically depressed areas.
"We are quite pleased with our new certification," says Nancy Bourdon-Meyer, Acting President/CEO of We Florida Financial." This certification will allow us to apply for CDFI funds to meet more of our members' needs. These funds will support programs that generate much-desired loans, financial education, debt counseling and community development. They will provide workers with a chance to improve financial mobility and escape the cycle of generational poverty."
The credit union will update the membership on program details as we move forward in the funding process.
For more information please contact Sandra Spence, VP Advertising and PR, via email at [email protected]
We Florida Financial is a cooperatively owned, not-for-profit credit union with 45,000 members and over $500 million in assets. Founded in 1952 for the benefit of municipal employees in Broward County, We Florida Financial now serves individuals and small businesses in 46 Florida counties from Jacksonville to Key West. Currently ranked as one of the top credit unions in the region, We Florida Financial offers a full range of affordable deposit and loan products to meet the needs of our diverse communities. For more information, please visit us online at www.WeFloridaFinancial.com.
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