New Orleans Firemen’s Federal Credit Union has been selected by the U.S. Department of Treasury to receive $7 million in Emergency Capital Investment Program.
These investments are designed to support the efforts of community financial institutions to, among other things, provide loans, grants, and forbearance for small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled the most during the COVID-19 crisis. These mission-driven financial institutions specialize in delivering responsible capital, credit and financial services to underserved communities. The investments made by Treasury are expected to be used for a range of
“These essential funds provide opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks,” said Secretary of the Treasury Janet L. Yellen. “Today’s announcement is a significant step toward expanding access to the capital and services to rebuild and fuel long-term economic growth.”