The $2.2. million Thurston Union of Low Income People Credit Union, headquartered in Olympia, Wash., is celebrating a $75,000 loan from the U.S. Treasury's Community Development Financial Capital Initiative.
CDCI is an initiative administered by its Community Development Financial Institutions Fund with the help of bank and credit union regulators. Credit unions that receive the loans, which came from Troubled Asset Relief Program funds, have to be recognized as CDFIs and found to be "viable" by their regulator.
TULIP is the third credit union to announce having received the funds. Nationwide, so far, 24 credit unions have received the loans which can be used as secondary capital in the community development credit unions, according to the National Federation of Community Development Credit Unions.
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