SAN JOSE, Calif.–Excite Credit Union here is celebrating its certification as a Community Development Financial Institution, saying the new status will help drive growth and better serve its community.
The credit union worked with Tacoma, Wash.-based CU Strategic Planning to qualify for the CDFI certification, with Excite CU waiting 15 months to learn of its status.
“We really appreciate the diligence and resilience that CU Strategic Planning put into the application process,” said CEO Brian Dorcy. “We were concerned when our initial application was denied. Still, we quickly huddled and strategized on the changes necessary to meet the rigorous standards for CDFI certification.”
“This certification is recognition of the good work that we are already doing. In fact, more than 60% of our lending is already directed toward lower-income consumers in our core markets in Silicon Valley and New Hanover County, N.C.,” Dorcy continued. “We expect to leverage this new status to launch a micro-business lending program in October, specifically to serve the needs of Black, Indigenous and People of Color-led businesses hit hardest by the pandemic.”
The $650-million Excite Credit Union has more than 42,000 members.
Not a One-Time Thing
"CU Strategic Planning works on certifications until they are approved,” said Mike Beall, chief strategy and advocacy officer and co-owner of CU Strategic Planning. “Our services are not a one-time application submission. The single fee includes the consulting until the certification is obtained. A denial is never the end with us. What drives us is that we know credit unions are serving the underserved, accountable to their communities and have the mission of community development."
Added CU Strategic Planning AVP of Certification Services Carrie Ostrem, “The team at Excite Credit Union really persevered through the CDFI certification process, and it was obvious their determination was driven by an authentic desire to help the most economically vulnerable in their community. We at CU Strategic Planning were proud to work alongside the Excite Credit Union team through this certification and cannot wait to see their efforts to unlock even more opportunities for consumers who deserve their products, services and guidance.”