St. Philip"s Church Federal Credit Union

New York NY


St. Philips Church FCU, located in and serving the Harlem community of Upper Manhattan, was established in 1951 and currently has 1.8 million in assets. Up until 2004 theya€™ve been a purely church a€“ based credit union. St. Philips is on a path to move beyond basic savings vehicles to offer auto, micrenterprise and mortgage loans.

CDFI Awards for St. Philip"s Church Federal Credit Union


TA (2005) - $44,000

St. Philips will use the 2005 TA grant of $44,000 to cover staff salary costs to analyze the expanded market to determine an appropriate market strategy for offering financial literacy services, upgrade hardware and software technology to serve more members more efficiently, and to hire a consultant to develop business lending policies and procedures and train staff on business lending.



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Community Development Financial Institutions are basically financial institutions who possess the ability to provide credit and financial services to underserved industries and communities.







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