SAN FRANCISCO – The Federal Home Loan Bank of San Francisco has awarded $4 million in Access to Housing and Economic Assistance (AHEAD) for economic development grants, including 18 credit unions.
The grants are to help 75 local organizations boost economic opportunity in underserved communities throughout Arizona, California, and Nevada, the FHLBank San Francisco said.
The grants, delivered through FHLBank San Francisco member financial institutions, are aimed at “advancing innovative economic and community development initiatives that bring greater opportunity to underserved populations,” the bank said.
166% Increase
According to the FHLB San Francisco, the $4 million program allocation awarded this year represents a 166% increase from the 2022 grant cycle and, for the first time, the maximum grant amount for each recipient was increased to $100,000.
AHEAD grants are awarded annually and are intended to create economic opportunity by expanding proven development models or piloting new interventions.
“This year’s grant recipients support a diverse array of underserved groups, including low- to moderate-income households, individuals of diverse backgrounds -- including women, seniors, underserved youth, individuals with disabilities, formerly incarcerated individuals, the unhoused, and tribal organizations,” the bank said.
‘Wide Range of Impactful Programs’
“Each year we are inspired by the wide range of impactful programs that are brought to us by our member institutions through the AHEAD grant program,” said Eric Cicourel, senior vice president and community investment officer at FHLBank San Francisco. “We were particularly encouraged by the large number of unique members who participated in this cycle, including many small community banks, regional insurance companies, and local credit unions. These financial institutions are pillars of their communities and have an intimate understanding of the needs of the communities they serve. We are proud to partner with these members to extend a lifeline to so many compelling and deserving organizations.”
The Grants
The $4 million in AHEAD grants awarded to 75 AHEAD grantees, including:
- 20 grants for entrepreneurial/microenterprise projects
- 19 grants for job training initiatives
- 10 grants for financial education projects
- 45 grants to support BIPOC community members
- 15 grants to support women community members
- 8 grants to support immigrant community members
- 7 grants to support Native American community members
- 6 grants to support veteran community members
Since the AHEAD grant program’s inception in 2004 and in partnership with their 330 member institutions, FHLBank San Francisco has awarded more than $25 million to about 800 community-invigorating projects throughout the Bank’s three-state region.
The CU Recipients
Credit unions receiving funds include A.E.A. FCU, Bay FCU, California Coast CU, Clark County CU, Coast Central CU, Community First CU, Desert Financial CU, Excite CU, Landings CU, Mission FCU, Redwood CU, Santa Cruz Community CU, SCE FCU, Valley First CU, Vantage West CU, Vocality Community CU and Wescom Central CU.
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