Credit Unions Receive $33.6 Million in Grants
Twenty-three credit unions in 17 states received $33.6 million from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
The grants were announced last month by the National Federal of Community Development Credit Unions. The majority of the grant applications were written for the credit unions that are members of the New York-based organization.
The grant funds will enable credit unions to increase lending and investment in their low-income and economically distressed communities.
Last year, 18 credit unions received grants that totaled $34.9 million, according to the federation.
The $436 million Frankenmuth Credit Union in Frankenmuth, Mich. received the largest grant amount of $3.4 million, while eight cooperatives each received a $2 million award. They are the $443 million Freedom First Federal Credit Union in Roanoke, Va., the $148 million Guadalupe Credit Union in Santa Fe, N.M., the $3.8 billion Kinecta Federal Credit Union in Manhattan Beach, Calif., the $1.1 billion MECU of Baltimore in Baltimore, Md., the $1.8 billion Royal Credit Union in Eau Claire, Wis., the $107 million Focus Federal Credit Union in Oklahoma City, Okla., the $2.6 billion Travis Credit Union in Vacaville, Calif., and the $172 million US Community Credit Union in Nashville, Tenn.
Nine credit unions that received more than $1 million in awards were the $259 million Carter Federal Credit Union in Springhill, La., ($1,6 million); the $55 million District Government Employees Federal Credit Union on Washington, D.C., ($1,3 million), the $143 million Guardians Credit Union in West Palm Beach, Fla., ($1.4 million), the $27 million Horizon Credit Union in Macon, Mo., ($1.6 million), the $399 million Jefferson Financial Credit Union in Metairie, La., the Self-Help Federal Credit Union in Durham, N.C., ($1,6 million); the $7.5 billion Suncoast Credit Union in Tampa, Fla. ($1.4 million), the $49 million Tallahassee Leon Federal Credit Union, in Tallahassee, Fla., ($1.7 million) and the $104 million Trailhead Federal Credit Union in Portland, Ore., ($1.1 million).
In addition, the Hope Enterprise Corporation, operated by the $184 million Hope Credit Union in Jackson, Miss., received $900,000, the $8 million Red River Mill Employees Federal Credit Union in Natchitoches, La., was awarded $500,000, and the $8 million North Side Community Federal Credit Union in Chicago and the $1.6 million Nueva Esperanza Community Credit Union in Toledo, Ohio, received grants of $124,905 and $56,607, respectively.