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.