Archive: Business & Technology

Alternatives Federal Credit Union was awarded $750,000 by the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.  Alternatives was one of 180 national financial institutions that serve struggling communities to receive a grant.  These grants represent the largest single round of awards in the CDFI Fund’s history, and will help Alternatives support local entrepreneurs and small businesses, and spur local economic growth and recovery by expanding access to capital and affordable financial services in underserved areas.

"With these funds, we expect to improve our operating systems to give our local members and staff a higher degree of efficiency and ease of use, while strengthening our commitment to help small businesses and our mission of serving the underserved," says Tristram Coffin, Alternatives CEO.

Alternatives has long been a provider of small business loans, or microloans.  Where other area lenders may offer borrowers personal loans or financing through credit cards, at higher interest rates than business loans, Alternatives has offered microloans focused on businesses owned by women, minority group members, low-income entrepreneurs, and other underserved groups.  The microloan borrower is also offered business education, mentoring and coaching via Alternatives' Business CENTS program.

"These awards will enable CDFIs to expand their impact and to provide the critically needed loans, capital and support that have been instrumental in establishing and sustaining successful small businesses," says CDFI Director Donna J. Gambrell.

Another local organization, Ithaca Neighborhood Housing Services (INHS), also received a $750,000 grant from the CDFI Fund.  Alternatives and INHS have enjoyed a long-term partnership assisting  low to moderate income people with first time homeownership and house repairs.

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