Orange County’s Credit Union awarded $1.8 million Rapid Response Program grant as a Community Development Financial Institution
U.S. Department of Treasury announced the COVID-19 relief funds to 863 CDFIs, including Orange County’s Credit Union
SANTA ANA, CA (August 13, 2021) — Orange County’s Credit Union, a Santa Ana-based financial services provider with more than 120,000 Members, received $1.8 million as part of the Rapid Response Program COVID-19 relief efforts awarded to select and top-tier community development financial institutions. As a certified CDFI with a low-income designation, Orange County’s Credit Union has been highly-focused on providing safe and helpful information, products, and services with the knowledge that many people in the community are struggling financially throughout the pandemic. This CDFI Rapid Response Grant allows the Credit Union to continue to provide financial aid to Members, particularly those in underserved communities, who are working to get back on their feet after the pandemic’s adverse economic effects.
Provided by the U.S. Department of the Treasury, the Rapid Response Grant awarded to Orange County’s Credit Union is part of the larger $1.25 billion total given in COVID-19 relief funds to 863 CDFIs nationwide. Vice President Kamala Harris and Treasury Secretary Janet L. Yellen announced this relief at the White House in mid-June, with distribution of funds taking place throughout the summer. For the Department of Treasury, this investment of capital to CDFIs is a tangible effort in creating an economy that works for everyone, and ultimately lifting the whole economy up.
CDFI Fund Director Jodie Harris shared: “These awards provide CDFIs with an unprecedented level of flexible capital to help distressed and underserved communities across the country take meaningful steps toward recovering from the debilitating economic impacts of the COVID-19 pandemic. CDFI RRP awards will enable CDFIs to help businesses keep their doors open, help families make ends meet, and help maintain important community facilities during this difficult time.”
Since its inception in 1938 and recent recognition as a CDFI in 2020, Orange County’s Credit Union is committed to providing fair, affordable, and accessible services that address challenges faced by low-income families and communities. In total, 61% of Orange County’s Credit Union’s membership qualifies as being at least low-income. More than half, 55%, are considered very low income, while 21% are extremely low-income, based upon sample testing of the Credit Union’s loans performed for the CDFI certification application. As part of that commitment, the Credit Union developed specific products to help their communities, such as low-rate emergency loans, first-time auto loans, and zero-down home loans.
“During the COVID-19 pandemic, we continue to focus on our deep-rooted philosophy of ‘people helping people’ and are proud to be more than just a financial institution, but also to be a community partner,” said Shruti Miyashiro, president and CEO of Orange County’s Credit Union. “With the CDFI Fund’s Rapid Response Grant award, we are looking forward to serving even more people financially hurting from the pandemic.”
Orange County’s Credit Union helps Members with an array of financial services, including checking, savings, and retirement accounts, mobile and online banking, as well as home, auto, and small business loans. For more information on Orange County’s Credit Union or to find a location, visit: www.orangecountyscu.org.
About Orange County’s Credit Union
Orange County’s Credit Union is a Santa Ana-based financial services provider established in 1938 with more than 135,000 Members and over $2.5 billion in assets. As a not-for-profit financial services provider, Orange County’s Credit Union is owned by Members, not shareholders, which means its profits are returned to Members in the form of fewer fees, lower loan rates, and enhanced products and services. Orange County’s Credit Union is certified as a Community Development Financial Institution (CDFI) to support the challenges faced by low-income families and communities, and offers a full range of financial services to Members, including checking and savings, mobile banking, and retirement accounts, as well as auto, small business, and home loans with zero-percent down and three-percent down options. Ranked in the top three percent of credit unions nationwide based on assets, Orange County’s Credit Union offers Membership to anyone who lives or works in Orange, Los Angeles, Riverside and San Bernardino Counties. For more information, visit Orange County’s Credit Union’s website at www.orangecountyscu.org or call (888) 354-6228.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program. For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.
