JACKSON, Mich.–American 1 Credit Union said it will use a $1.025-million grant it received from Community Development Financial Institution (CDFI) fund to assist low-income and underserved individuals and families in the communities they serve.
The funds will be deployed in Jackson, Washtenaw, Lenawee, Monroe, Hillsdale, Calhoun, and Wayne counties in Michigan, American 1 said.
The $568-million credit union was certified in 2020 as a CDFI, meaning it is a “mission-driven organization serving the underserved through community engagement efforts, financial education, and accessible, everyday banking services.”
“We are thrilled to bring over $1 million to the communities we serve,” said President/CEO Martha Fuerstenau. “Our mission of creating financial wellness through personal everyday banking is important to us and impacts every decision we make. Becoming a CDFI and applying for grants takes a lot of time and resources, but it’s the right thing to do as we serve our members and future members.
Two Grant Applications
According to Fuerstenau, American 1 Credit Union applied for two CDFI grants. The first grant is contingent on American 1 providing loans to those with an income at 80% or less than the median income in our branch counties. The second grant is specific to supporting those who have a disability of some kind.
“We know that many people face financial obstacles due to a variety of reasons,” Fuerstenau said. “We are a credit union for all, and again, our mission to provide financial wellness is not just something we say – we work hard to meet this mission every day – one member at a time.”
Of the categories American 1 pursued, the CU noted it received the largest combined award amount of any credit union and the largest disability award nationwide.