SAN JOSE, Calif.–Excite Credit Union is reporting it has been chosen for two grants from the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund) totaling $3.1 million.
Noting it is the only CDFI credit union based in Santa Clara County, Calif., Excite CU said it will be deploying the funds to support low-income and immigrant communities, including businesses struggling to recover from the COVID-19 pandemic.
Excite CU was awarded $660,000 and $2,478,839, respectively, under Treasury’s Financial Assistance and Equitable Recovery programs. Excite Credit Union also has significant operations across the country in the tri-county region of southeast North Carolina in New Brunswick, Pender and New Hanover counties.
Supporting Start-Ups
“The grant funding will be used to support start-ups and small businesses, especially immigrant and minority-owned businesses,” the CU said. “Loan money is available to qualified entrepreneurs and small businesses in the San Jose and Wilmington regions, including start-ups, businesses that use an ITIN (Individual Taxpayer Identification Number), and micro businesses with 10 or fewer employees.”
Excite CU added that women-owned businesses are encouraged to apply, including companies in the childcare, beauty, and food industries.
“Excite is the community’s credit union committed to providing financial services that support our members and neighborhood businesses,” said Romondo McEachern, business banking manager for Excite Credit Union. “With this federal grant money, we can directly impact the areas we serve, providing much-needed cash to entrepreneurs and businesses that translates into more jobs and services for the community. This program is an ideal way to put federal funds to work at a local level.”
Training Collaboration
Noting that it also collaborates with regional small business training programs such as the Latino Business Foundation Silicon Valley (LBFSV) and Jobs to Grow in Santa Clara County, and Genesis Block Hub for Entrepreneurship in North Carolina, Excite said graduates of those business training programs are eligible for streamlined applications and start-up capital.
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