American 1 Credit Union received a grant worth $1,025,000 from the U.S. Department of Treasury for a Community Development Financial Institution (CDFI). The grant will assist low-income and underserved individuals and families in the communities they serve, including Jackson, Washtenaw, Lenawee, Monroe, Hillsdale, Calhoun, and Wayne Counties.
In 2020, American 1 Credit Union became a CDFI, a certification through the U.S. Treasury. This certification recognizes American 1 as a mission-driven organization serving the underserved through community engagement efforts, financial education, and accessible, everyday banking services.
“We are thrilled to bring over $1 million to the communities we serve,” said Martha Fuerstenau, President and CEO at American 1. “Our mission of creating financial wellness through personal everyday banking is important to us and impacts every decision we make. Becoming a CDFI and applying for grants takes a lot of time and resources, but it’s the right thing to do as we serve our members and future members.
Fuerstenau explained that American 1 Credit Union applied for two CDFI grants. The first grant is contingent on American 1 providing loans to those with an income at 80% or less than the median income in our branch counties. The second grant is specific to supporting those who have a disability of some kind.
“We know that many people face financial obstacles due to a variety of reasons,” Fuerstenau said. “We are a credit union for all, and again, our mission to provide financial wellness is not just something we say – we work hard to meet this mission every day – one member at a time.”
Of the categories American 1 pursued, they received the largest combined award amount of any credit union and the largest disability award nationwide.