SAN ANTONIO, Texas — Ecority, a nonprofit that has built a national coalition of credit unions and state-chartered green banks, said it is projecting that credit unions in the United States could finance 5.3 million projects for a total of $107 billion in just six years by “leveraging the industry’s existing branch network and digital channels along with potential grant funding.”
According to Ecority, its coalition includes regional and state credit union leagues representing “thousands of community lenders in every U.S. state and territory.”
Nearly $15 Billion Sought
It reported its grant application included an aggregate of $14.87 billion from the National Clean Investment Fund and Clean Communities Investment Accelerator Fund of the Greenhouse Gas Reduction Fund.
As CUToday.info has been reporting, Inclusiv has also been urging credit unions to see the opportunities to be had in the new government funding.
In a statement, the coalition said it is “poised to catalyze” the U.S. credit union sector to rapidly deploy clean energy projects at an “unprecedented scale nationwide,” with a focus on low-income and disadvantaged communities.
Opportunity to be ‘National Leaders’
“Through industry collaboration, credit unions have an opportunity to become national leaders in green lending and include borrowers who may not otherwise qualify,” said Chuck Purvis, the retired CEO of Coastal Credit Union who is serving as interim CEO and as a board member of Ecority. “Ecority plans to use grant funding to create a loan guaranty fund, provide technical assistance and provide capitalization grants enabling credit unions to autonomously lend for more eligible projects at lower rates.”
The organization said interested credit unions may express their interest in participating and potentially becoming subrecipients of grant funds by visiting ecority.org/register.
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