Oceanair Federal Credit Union

CBC Federal Union is a certified Community Development Financial Institution (CDFI) that has been registered to receive federal awards since June 18, 2020. As a corporate entity with tax-exempt status, it operates as a not-for-profit organization focused on providing financial services and promoting economic revitalization in underserved communities. CBC Federal Union has received multiple federal grant awards from the U.S. Department of the Treasury's Community Development Financial Institutions Fund, demonstrating its commitment to expanding access to affordable financial products and services for low-income and underbanked populations.

Through its federal grant awards, CBC Federal Union has engaged in various activities aimed at strengthening its capacity to serve disadvantaged communities. In April 2024, it received a $383,223 grant under the Small Dollar Loan Program to establish and maintain small business loan programs, offering affordable alternatives to high-cost small dollar loans. A larger award of $2.478 million was granted in April 2023 through the CDFI Equitable Recovery Program, enabling CBC Federal Union to expand its lending, grant-making, and investment activities in communities disproportionately impacted by the COVID-19 pandemic. Additionally, a $125,000 technical assistance grant awarded in September 2021 under the Community Development Financial Institutions Program has supported organizational capacity building through activities such as staff training, equipment acquisition, and professional services. These grants collectively empower CBC Federal Union to provide crucial financial services, including small business loans, affordable capital access, and technical assistance, to underserved markets and populations across the United States through December 2028.