TRUE Community Credit Union awarded NCUA pilot grant
The $100,000 grant will support outreach to credit-invisible populations.
JACKSON, MI (December 13, 2023) — TRUE Community Credit Union is proud have been awarded a $100,000 Community Development Revolving Loan Fund (CDRLF) grant from the National Credit Union Administration. TRUECCU was one of four credit unions in the country to receive a CDRLF pilot grant out of 26 that submitted applications.
“We are profoundly honored to be the recipient of the NCUA Community Development Revolving Loan Fund grant,” said TRUE Community Credit Union Chief Growth and Lending Officer Valerie Moskal. “This significant investment marks a pivotal moment in our journey to partner with, empower, and uplift the communities we serve. With this support, TRUE is poised to forge new pathways of financial inclusion, foster growth, and create a lasting positive impact. We are committed to leveraging this grant to its fullest potential.”
TRUECCU will use the grant to reach and positively impact credit-invisible and underserved borrowers through Michigan Saves, their lending partner that offers low-interest loans for qualified energy-saving upgrades. TRUECCU and Michigan Saves will identify underserved communities for expansion, create marketing and outreach materials to reach the credit-invisible, engage Michigan Save’s network of authorized contractors to promote the program, hire a financial health coach to create and deliver adult financial literacy, and provide a small stipend to borrowers who attend financial health coaching sessions to use for late fees or loan payments.
“The NCUA launched this pilot grants initiative to recognize creative ideas among credit unions trying to build membership and expand their reach, especially to people and communities who had little or no access to affordable financial services,” said NCUA Chairman Todd M. Harper. “We found, through the application process, original and forward-looking ideas that could serve as examples for other credit unions. It will be exciting to watch how these grants will help these ideas to mature and take hold.”
Michigan Saves is the nation’s first nonprofit green bank that provides a clean energy lending program that assists homeowners with finding an authorized contractor, an online application for financing, and connecting with a qualified lender. To learn more about Michigan Saves, visit www.MichiganSaves.org.
About TRUE Community Credit Union
TRUE Community Credit Union has been a trusted financial partner for its members since 1953. TRUE Community Credit Union offers 15 branch locations to serve members in Jackson, Ingham, Wayne, and Washtenaw Counties. TRUE Community Credit Union has more than $870 million in assets and approximately 80,000 members. TRUE Community Credit Union prioritizes people over profit, process, and product and aims to create legacy-defining moments for the people and places served for generations to come. TRUE Community Credit Union's website is TRUECCU.com.
