Coasthills Credit Union celebrates $3 million in grants from the Department of Treasury CDFI Fund with Rep. Salud Carbajal
LOMPOC, CA (August 25, 2023) — CoastHills Credit Union CEO Paul Cook and Board of Directors Chair Kris Andrews held a joint press conference at CoastHills Headquarters with Rep. Salud Carbajal, who represents the 24th Congressional District in California, to recognize his support in securing significant funding from the CARES Act and the Department of Treasury Community Development Financial Institution (CDFI) Fund to support low and moderate income households and small businesses along the Central Coast. In 2023, CoastHills Credit Union was awarded more than $600,000 in Financial Assistance grants and $2,400,000 in Equitable Recovery Program grants.
“More than 70% of the loans we fund are to low-to-moderate income households, which is why we’ve dedicated significant time and resources to becoming a Community Development Financial Institution.” Said Paul Cook, President/CEO. “The CDFI grants allow us to expand our efforts to provide products and services that reflect the needs of our diverse community.”
CoastHills also funded 1,032 Small Business Association (SBA) Paycheck Protection Program (PPP) loans offered through the CARES Act, providing more than $55 million to local businesses throughout the Central Coast in 2020 and 2021.
The recent grant funds will be used to increase lending efforts to low-to-moderate income households and businesses in the Credit Union’s five county footprint over the next 5 years.
CoastHills Board of Directors Chairman Kris Andrews, Rep. Salud Carbajal, CoastHills President/CEO Paul Cook
About CoastHills Credit Union
CoastHills is a not-for-profit Credit Union serving more than 76,000 members in Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz counties. Founded in 1958 to primarily serve military and civilian personnel at Vandenberg Air Force Base, CoastHills now serves the entire community with 12 branches and a locally staffed full-service call center. With assets of more than $1.7 billion, CoastHills is the second largest locally owned financial institution on the Central Coast.