Kamuela Credit Union Gets Funds for Native Hawaiians

Two financial institutions in Hawaii – including one on the Big Island – will receive a total of $1.1 million in federal financial assistance to native Hawaiians.

Hawaii First Federal Credit Union in Kamuela will receive $524,000 and the Queens Federal Credit Union in Honolulu will receive $659,000 from the Department of Treasury’s Native American CDFI Assistance Program.

CDFI stands for the Community Development Financial Institutions fund, which is designed to overcome barriers to financial services identified in native communities. Its initiatives seek to increase access to credit, capital and financial services for businesses and individuals.

To take part in the program, financial institutions must be certified as having at least 50% of its activities directed toward service Native Americans, Alaska natives or Native Hawaiians.

The two Hawaii institutions were among 35 selected nationwide to take part in the program.

“This latest round of awards will expand the capacity of native financial institutions to develop innovative economic development solutions for the businesses and individuals in their communities,” Don Graves, an official with the Treasury’s Small Business, Community Development and Housing Policy.

This is the fourth time since 2007 that the Hawaii First FCU has received funding under the program.