U.S. Treasury Grants CDFI Certification to UPI Loan Fund

Black-Led Organization Recognized for Responsible Lending and Community Building

PHOENIX, May 1, 2024 /PRNewswire/ -- The UPI Loan Fund  (UPILF) is pleased to announce its 2024 recertification as a Community Development Financial Institution (CDFI). This U.S. Department of Treasury designation recognizes UPI as a private financial institution providing low-cost consumer and business loans to underserved communities.

"UPI Loan Fund is CDFI-certified to operate nationally and provides 60% of our loans to Black Americans and 40% to other communities who lack access to capital," said Frank E. Crump, founder and president of UPILF. "Along with our partners, UPI's long-term vision includes plans to enter the construction and real-estate sectors to create affordable housing. We're following the paths forged by Black Wall Street and, in the name of economic uplift, leveraging the estimated $1.8 trillion dollars in today's Black buying power."

The UPI Loan Fund was incorporated in 2004 and modeled on the Jewish Free Loan Program, which began in the 1940s. "Because UPI Loan Fund takes social impact and community development into consideration, borrowers outline how their loan will benefit their community and contribute to positive social change," said Charmeachealle Moore, founder of ProLiving Inc. in Dallas and UPILF partner. "This socially conscious approach to lending translates into communities that are actually enriched by a loan organization—not the other way around."

For NEST in Connecticut—a community development organization founded in 1980—partnering with UPILF was symbiotic and intentional. "UPILF is Black-led, and that's a key point of difference, said Kevin Taylor, executive director of NEST and UPILF partner. "We're proud to be part of a network that provides responsible lending services to low- and moderate-income communities which have historically been denied access."

This perspective is also echoed in Webster, Texas, where the Multi-Cultural Center (MCC) provides hunger relief, health, legal services, and interest-free micro-loans. "African Americans lead UPI Loan Fund with a vision to help financially marginalized folks in communities where more traditional institutions have long forgotten them," said Hamza Reed, Director of Operations for MCC and UPILF partner.

For Dallas-based Services of Hope, which assists with food insecurity, financial literacy and first-time homebuying, UPI's capacity for handling back-office operations has been invaluable. "Partnering with UPILF enables us to tap into networks of nonprofit partners across the country and UPILF's back-office support allows us to focus on serving our community," said Dr. Daniel B. Prescott, Jr., CEO for Services of Hope and UPILF partner.

"We believe that equity begins where inequality ends," said Crump. "Through our CDFI certification and ever-expanding partnerships, UPI is working to close the racial wealth gap by cultivating financial empowerment within our community."

To get involved with UPILF, please visit https://upiloanfund.us/. For press inquiries and more information, please contact Heather Taylor of Mad Hat Maven: [email protected] or 323.839.4488.

View original content:https://www.prnewswire.com/news-releases/us-treasury-grants-cdfi-certification-to-upi-loan-fund-302132122.html

SOURCE UPI Loan Fund