ASI RECEIVES GRANT FROM U.S. DEPARTMENT OF TREASURY

July 18, 2011 - ASI is pleased to announce that it was selected to receive a $1.5MM award to expand its capacity as a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury's FY2011 Technical and Financial Assistance funding round.

ASI will use its grant to enhance its capacity to provide services to populations traditionally unable to obtain affordable access to capital. "The award comes at an opportune time for our credit union, given overall economic conditions that continue to pose challenges within the financial services industry, and during a time when ASI continues to pursue our mission with passion and a commitment to continuous improvement and opportunity," said ASI's CEO, Mignhon Tourne.

Read below for the Treasury's announcement:

US Treasury Awards $142.3 Million to Benefit Organizations Serving Economically Distressed Communities Nationwide

Chicago, IL - Director Donna J. Gambrell of the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) traveled to Chicago to join U.S. Senator Dick Durbin and U.S Representative Danny Davis to announce awards totaling $142,302,667 for 155 Community Development Financial Institutions (CDFIs) serving economically distressed communities across the nation. The organizations awarded are headquartered in 40 states and the District of Columbia.

The CDFI Bond Guarantee Program was enacted through the Small Business Jobs Act of 2010 (Public Law 111-240) on September 27, 2010. The CDFI Fund will serve as the program administrator and the Treasury Department will guarantee the full amount of notes or bonds issued to support Community Development Financial Institutions (CDFIs) that make investments for eligible community or economic development purposes. The bonds or notes will support CDFI lending and investment by providing a source of long-term, patient capital to CDFIs.

The awards are being made through the fiscal year 2011 round of the CDFI Fund's cornerstone program, the Community Development Financial Institutions Program (CDFI Program), and represent the largest single round of monetary awards in the CDFI Fund's history. The awards will help these specialized, community-based financial institutions spur local economic growth and recovery, as well as expand access to affordable financial products and services.

"Every community deserves to have access to basic financial products and services, from bank accounts to affordable home and car loans. The CDFI Program provides access to rural and urban communities across the country by investing in local financial institutions that serve these communities," said Deputy Treasury Secretary Neal Wolin. "Today's awards will provide much-needed capital to help community-based financial institutions offer products and services that would otherwise be out of reach for thousands of low-income Americans."

"Given the many economic hardships currently experienced in many low-income communities across the country, I am pleased to see this historic investment and commitments from the Obama administration in leading new investments in small business, especially in Chicago to rebuild our communities," said Representative Danny Davis.

Treasury held the national award announcement at the Fulton-Carroll Center - a 410,000-square foot small business incubator on the Near West side of Chicago to highlight how CDFIs can play a critical role supporting local entrepeneurs and small businesses spur job creation and economic growth in economically distressed communities across the country. This small business incubator houses almost 120 tenants and was recognized internationally with the "Incubator of the Year" award in 2006 by the National Business Incubation Association.

The awardees were selected after a competitive review of 393 applications received by the CDFI Fund from organizations across the nation that requested, in total, nearly $466 million in funding under the FY 2011 round of the CDFI Program.