Royal Credit Union has been awarded $525,000 from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Financial Assistance Program. Royal is one of 265 CDFIs receiving the grant funds.
Link to CDFI Fund news release: U.S. Treasury Awards $180.3 Million to Support CDFI Investment in Low-Income and Distressed Communities | Community Development Financial Institutions Fund (cdfifund.gov)
Royal’s work as a CDFI is focused on expanding access to quality credit products and improving financial well-being for all. Royal will use grant funds to lend deeper into target markets, specifically low-income, distressed, and underserved people. This will include plans to offer a home improvement consumer, unsecured signature loan for the purpose of rehab or “livability” type home improvements.
Royal is 1 of more than 1,200 certified CDFIs that work in low-wealth communities across the
United States. There are only 6 credit union CDFIs operating in WI and MN. CDFIs are mission driven financial institutions that bring affordable credit and financial services to individuals and businesses, often in minority and economically distressed communities.
The application was written and submitted by Royal’s internal CDFI team. The team works together to deploy and track grant funds for the benefit of our Members. Royal became a certified CDFI in 2015. Including today’s announcement, Royal has received five grants under the CDFI program totaling over $6.9 million.
Link to CDFI info blog on rcu.org: Royal Credit Union is a Community Development Financial Institution…Here’s What That Means | Royal Credit Union (rcu.org)