EL PASO, Texas–Raiz Federal Credit Union said it has been awarded two grants from the Community Development Financial Institutions Fund (CDFI).
The credit union said the grants, totaling $5,755,578, will help it to accelerate its mission of “providing affordable financial services and fostering economic growth in the El Paso area.”
According to Raiz FCU, the first grant, awarded under the CDFI Equitable Recovery Program (ERP) is for $4,957,678 and will significantly increases RFCU’s capacity to support small businesses and low-income individuals through innovative financial products and services.
“In addition to this, the fund allows Raiz to continue its mission of empowering individuals and businesses to achieve their financial goals by improving its technology infrastructure, expanding lending programs, and enhancing financial education initiatives,” the credit union said.
The second grant, amounting to $797,900, has been awarded under the CDFI's Financial Assistance (FA) Program, with Raiz FCU saying it will be used to improve its operational capabilities, increase lending capacity, expand outreach efforts, improve targeted marketing, and develop new programs to address the specific financial needs of the communities.
“We are thrilled to receive these two grants from the CDFI,” said Dania Angeles, community impact manager at Raiz Federal Credit Union. "These funds will be instrumental in supporting the financial prosperity and general well-being of our members and community.”
Feeling the FOMO Fever? CUToday.info Has a Prescription
Are you missing out on the latest news in credit unions? Missing the trends and developments you need to be aware of? We can help. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com