Press
Abbeville area residents to benefit from federal grant
ABBEVILLE, SC (September 26, 2013) — The Greater Abbeville Federal Credit Union has received a $99,995 grant from the Community Development Financial Institutions Fund (CDFI) of the U.S. Department of Treasury. The award was announced Tuesday, September 24th as part of the CDFI’s $172-Million Financial Assistance and Technical Assistance awards.
Greater Abbeville Federal Credit Union (GAFCU) will use the funds to hire a new loan officer/member service representative who will be specially trained to assist members with credit issues. Members will receive assistance to get back on track meeting their financial needs and will be offered concentrated financial counseling.
“This is a nice accent to our current product and service offering for members in financial distress,” said Faye Crocker, CEO of Greater Abbeville Federal Credit Union.
Crocker notes that it will add to current member services such as Fresh Start Checking, Quick Cash Advance loan – a payday alternative product, plus free and confidential financial counseling from Balance. Greater Abbeville is the only South Carolina credit union to receive this grant. Earlier this year, the credit union applied for and received CDFI certification from the Treasury Department.
“CDFIs play a unique role in creating jobs, generating economic growth and revitalizing neighborhoods in America’s low-income and economically-distressed communities,” said Treasury Deputy Assistant Secretary Don Graves. “Building on nearly two decades of Treasury support for CDFIs, the awards announced today will allow these financial institutions to better meet the investment and lending needs of the communities they serve.”
The awards enable Community Development Financial Institutions (CDFIs) across the country, like Greater Abbeville Federal Credit Union, to increase their lending and investments in low-income and economically distressed communities.