DURHAM, N.C. — The $5.5 million Latino Community Credit Union has won an award of $5.5 million that it says it will use to help fund its continued expansion.
The money comes from the Next Award, a prize funded by the Wachovia Foundation, the MacArthur Foundation and the Opportunity Finance Network, which are meant to spotlight the growing role opportunity finance institutions play in the U.S. economy. Ultimately, the partners aim to drive investors, policymakers, and talented young leaders to this innovative and critical field, the three organizations said when announcing the prizes.
The CU has said it plans to use the funds to build more branches in areas where it is expanding quickly.
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