CapNexus was recognized for its work in connecting Community Development Financial Institutions (CDFI) banks participating in the Bank Enterprise Awards (BEA) program and CDFI credit unions seeking deposits in the Community Development Bankers Association (CDBA) September 2019 press release.
The U.S. Treasury Department announced $25.2 million in BEA Awards by the US Treasury Department’s CDFI Fund. This amount included 38 CDFI certified banks receiving the award for their efforts to channel $19.4 million of deposits into 18 CDFI credit unions, many of which effectively utilized CapNexus.
CBDA and Inclusiv worked together to play matchmaker between CDFI banks participating in the BEA Program and CDFI credit unions seeking deposits by facilitating CapNexus conversations. This resulted in 11 credit unions posting their BEA opportunities. This resulted in successful placement of deposits, which ultimately supports lending and other activities in distressed communities.
Here’s to great partnerships and the utilization of CapNexus!
To view the full press release, click the below.
