Conn. League and CUCollaborate Launch New CDFI Loan Participation Program
The League-owned loan participation platform, Aluvy, empowers credit unions to maximize community impact with loan participations.
The Credit Union League of Connecticut and CUCollaborate are excited to announce the launch of a groundbreaking partnership to help credit unions obtain and maintain their certification as a CDFI (Community Development Financial Institution) through Aluvy, a League-owned loan participation platform.
This innovative collaboration is designed to help credit unions enhance their community impact by facilitating participations of CDFI-eligible loans.
Aluvy is offering a first-to-the-market solution for CDFI participations for credit unions. Here’s how it works:
One-Click Loan Eligibility Verification: Credit unions can use the CDFI Analyzer℠, powered by CUCollaborate, to verify eligibility with a single click. This feature allows credit unions to quickly assess whether a loan meets certain eligibility criteria and automatically create pools of CDFI-eligible loans.Nationwide Marketplace Listing: Aluvy provides credit unions with a nationwide marketplace to list their loan participations. This exposure increases visibility and allows credit unions to connect with others interested in participating in loans.Intuitive Management Tools: Credit unions can use Aluvy to track their sold and purchased participations, monitor performance, and seamlessly manage payments—all within one intuitive platform.
“We’re thrilled to partner with CUCollaborate to bring Aluvy to credit unions nationwide,” said Bruce Adams, President and CEO of the Credit Union League of Connecticut. “This program aligns perfectly with our mission to strengthen communities through cooperative financial services. By participating in loans through Aluvy, credit unions can make a meaningful impact and gain new tools to manage liquidity.”
“Our goal is to empower credit unions with the tools they need to thrive,” added Sam Brownell, Founder and CEO of CUCollaborate. “With Aluvy, credit unions can collaborate, grow their portfolios, and drive positive change.”
A webinar with Aluvy and CUCollaborate to detail these new features is scheduled for Thursday, June 20, 2024. Credit unions can visit www.aluvy.com for more information.