River City Federal Credit Union receives more than $20 million in grants to drive positive change in the San Antonio
Grants will be used to provide financial opportunities for underserved communities in San Antonio, while investing in the local economy
SAN ANTONIO, TX (June 30, 2023) — River City Federal Credit Union (RCFCU) proudly announces the receipt of grants totaling more than $20 million. These substantial funds are being utilized to bolster lending initiatives for individuals in need of financial assistance while simultaneously fostering local economic growth.
The grant is made up of a recent $14 million investment from the Emergency Capital Investment Program. This award was facilitated by the U.S. Treasury Department, which underscores River City FCU’s commitment to serve as a Community Development Financial Institution (CDFI) and a Minority Depository Institution (MDI) credit union. This invaluable support allows the credit union to broaden its reach and assist more individuals and businesses in the community by providing access to essential secondary capital.
Additionally, as part of the total award, a grant of $3.7 million from the CDFI Equitable Recovery Program was received. This recognition positioned the credit union among the distinguished cohort of only 11 credit unions in Texas to receive this grant. The funding from this program enables the organization to amplify lending opportunities and expand investment endeavors within the communities it diligently serves.
“River City Federal Credit Union is immensely grateful for the trust and support bestowed upon us through these grants,” said Jeff Ivey, CEO of River City Federal Credit Union. “We are determined to invest these funds to foster economic empowerment, uplift disadvantaged individuals, and fuel sustainable growth within San Antonio communities.”
By securing these substantial grants, River City Federal Credit Union has solidified its role as a catalyst for positive change within the San Antonio community. These funds will empower the credit union to extend financial support to those who need it most, enabling them to navigate challenging circumstances and embark on a path of stability and success.
In 2022, the not-for-profit credit union received $1.86 from the CDFI’s Rapid Response Program which has been able to assist businesses and households impacted by the COVID-19 pandemic.
RCFCU was one of just five credit unions in Texas to receive a CDFI Financial Assistance grant of $560,000 in 2022 and one in four to receive funds of $676,530 in 2021.
As River City FCU embarks on this transformative journey, it remains steadfast in its mission to enhance the financial well-being of all those served. Through strategic partnerships, innovative solutions, and an unwavering dedication to the community, it aspires to make a lasting impact that transcends financial assistance and creates a brighter future for San Antonio.
National Strategies PR