SHELTON, Wash.–Two credit unions in Mason County here are offering details on how they plan to deploy the combined $1.83 million in Rapid Response Program (RRP) grant funding from the US Treasury Department.
As CUToday.info reported here, some 244 credit unions in total received $401.8 million in awards from the Treasury Department’s new Rapid Response Program (RRP) as part of $1.25-billion in COVID 19 relief funds that are going to 863 community development financial institutions (CDFIs) overall.
In Washington, the $250-million Peninsula Credit Union (PCU) and the $400-million Our Community Credit Union (OCCU) were two out 11 Community Development Financial Institutions (CDFIs) in Washington State that received the grants. The credit unions said the funds will be utilized in support of eligible activities, such as financial products, financial services, development services and certain operational activities, and to enable the two CDFIs to build capital reserves and loan-loss reserves.
A ‘Validation’
“Receiving the CDFI RRP is further validation affirming Peninsula Credit Union’s support for members in the communities we serve, particularly those hard hit by COVID-19,” said Jim Morrell, Peninsula Credit Union president/CEO. “As a CDFI since 2013, our focus has been to meet people wherever they are at in their financial journey, understand their goals, and work with them to pursue those next steps. As our community development mission states, ‘Whether low to moderate income or wealthy, unbanked or underbanked, by listening to people, serving their financial needs, educating to create a personal development plan, we demonstrate our care to enrich their lives and help them to achieve financial stability…always!’ Cooperatively with OCCU, our credit unions can make a tremendous difference in the many households across the communities we serve.”
Aiding Communities
Added OCCU President/CEO Bert Fisher, “OCCU is very excited about the recent announcement by the U.S. Treasury awarding OCCU $1,826,265 from the Treasury’s CDFI Rapid Response Program. These COVID-19 relief funds will help OOCU provide necessary capital to aid the communities we serve, in responding to the continued challenges created by the COVID-19 pandemic. Everyone has, no doubt, felt the debilitating economic impacts of the pandemic, these funds will enable OCCU to help find solutions for our members, local businesses and the communities we serve, that have been financially impacted by the pandemic. “