Veridian is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). CDFIs are financial institutions that expand economic opportunities for low-income communities with a mission to promote community development, provide both financial and educational services, and demonstrate accountability to underserved markets. We're proud to have been among the first credit unions in Iowa to become CDFI-certified in 2016.
As a CDFI, we know that homeownership is one of the most significant tools allowing many to maintain financial stability and achieve long-term financial success. That's why we're focused on using CDFI resources to help our low-income and underserved members overcome barriers to homeownership. CDFI certification allows us to apply for federal CDFI grants. For every $1 million we receive in CDFI grant funding, we're able to lend $20 million in Financial Inclusion Mortgages to our members who experience barriers to homeownership.
Last year, Veridian also funded grants, scholarships, sponsorships, donations and more totaling approximately $1.5 million. In addition to supporting community-based programs and events, we host a variety of annual events across our field of membership, including ArtShare, Community Shred Day, Veridian Gives Back for Giving Tuesday and more.
Diversity, Equity and Inclusion
We value diversity, equity and inclusion as strengths that benefit everyone, and we're committed to mirroring the communities we serve. Being a partner in creating members' successful financial futures means providing the needed support and resources, including financial education, assistive tools, supplier diversity and more.