CDFI Fund awards Raiz FCU over $5.7 million in grants
Empowering underserved communities and enhancing financial well-being
EL PASO, TX (June 21, 2023) — Raiz Federal Credit Union, a leading financial institution dedicated to serving underserved communities, is proud to announce that it has been awarded two grants from the Community Development Financial Institutions Fund (CDFI). These grants, totaling $5,755,578, will help Raiz accelerate its mission of providing affordable financial services and fostering economic growth in the El Paso area.
The first grant, awarded under the CDFI Equitable Recovery Program (ERP), amounts to an impressive $4,957,678. This grant significantly increases the credit union’s capacity to support small businesses and low-income individuals through innovative financial products and services. In addition to this, the fund allows Raiz to continue its mission of empowering individuals and businesses to achieve their financial goals by improving its technology infrastructure, expanding lending programs, and enhancing financial education initiatives.
The second grant, amounting to $797,900, has been awarded under the CDFI’s Financial Assistance (FA) Program, an initiative created in an effort to improve access to affordable financial services for underserved populations. This grant allows Raiz to strengthen its operational capabilities, increase lending capacity, expand outreach efforts, improve targeted marketing, and develop new programs to address the specific financial needs of the communities.
“We are thrilled to receive these two grants from the CDFI,” said Dania Angeles, Community Impact Manager at Raiz Federal Credit Union. “These funds will be instrumental in supporting the financial prosperity and general well-being of our members and community.”
The CDFI Fund, which is overseen by the U.S. Department of the Treasury, is devoted to boosting economic growth and community development by providing financial resources and technical support to certified Community Development Financial Institutions (CDFIs). Being awarded two grants speaks volumes about the dedication Raiz has to delivering inclusive and fair financial services to underserved communities. Learn more about Raiz FCU’s community impact, financial services, and free financial education resources by visiting www.raiz.us. For more information about the Community Development Financial Institutions Fund (CDFI), please visit www.cdfifund.gov.
About Raiz Federal Credit Union
At Raiz (pronounced as "rise" in English and "rah-EES" in Spanish), our members and strong, vibrant community inspire us daily. We share a passion for knowledge and the pursuit of growth, grounded in our heritage as El Paso Area Teachers Federal Credit Union (TFCU). Today, we guide members from many professions to focus on their goals and help them get here. We're proud of our roots in El Paso (since 1936) as we envision a bold path forward, leading the way with passion. We are over 70,000 members strong and provide a full range of high-quality financial services at the great rates and low costs you can expect from a first-class credit union. Join us and experience the difference that comes from working with people who care.
The meaning behind our name:
Spanish for root, our new identity grows from our heritage in the community. Grounded in the roots of our beginning with teachers, sharing a passion for knowledge and pursuit of growth. We inspire our members and employees to feel connected to our future potential together. We are rising and inviting people to move forward with us. As we look out to the light over the Franklin Mountains rising from El Paso, we look up and ahead to an even brighter tomorrow.
