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Mendo Lake Credit Union
526 S. State StreetUkiah CA, 95482-1410
CDFI Awards for Mendo Lake Credit Union
FA (2009) - $2,000,000
Mendo Lake Credit Union was chartered in 1959 and is a certified CDFI serving community members of Mendocino County and Lake County in rural Northern California. It provides a full range of financial services to its Target Market, specializing in low cost auto loans and manufactured home loans. Mendo Lake CU will use its FY 2009 Financial Assistance loan loss reserves and lending capital to its Target Market.
FA (2005) - $1,398,750
The $1,398,750 FA award will be used to: 1) expand the manufactured home loan program started in 2004, including launching a development services program for buyers; 2) provide general support for the retail financial services; and 3) strengthen the net capital position of the credit union, helping it to remain in compliance with regulatory asset growth.
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Community Development Credit Unions
A Community Development Credit Union, more commonly known as a CDCU, is a credit financial institution which owned and controlled by its members in an effort to sustain the ability of being able to provide a wide array of financial services.
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The Small Business Administration was established in 1953. Since that time the agency has dispensed millions of dollars in loans and loan guarantees, contracts, consulting assistance and other programs for small business across the United States.
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