SAN ANTONIO—River City FCU is reporting it has received grants totaling more than $20 million that it will use to bolster lending initiatives for individuals in need of financial assistance, while simultaneously seeking to foster local economic growth.
According to the credit union, the grant is made up of a recent $14 million investment from the Emergency Capital Investment Program of the Treasury department. RCFCU said the grant underscores its commitment as both a community development financial institution (CDFI) and a minority depository institution (MDI) credit union.
“This invaluable support allows the credit union to broaden its reach and assist more individuals and businesses in the community by providing access to essential secondary capital,” River City said.
In addition, as part of the total award, a grant of $3.7 million from the CDFI Equitable Recovery Program was received.
‘Distinguished Cohort’
“This recognition positioned the credit union among the distinguished cohort of only 11 credit unions in Texas to receive this grant,” the $149-million River City stated.
The funding from the program will enable it to amplify lending opportunities and expand investment endeavors within its communities, according to RCFCU.
"River City Federal Credit Union is immensely grateful for the trust and support bestowed upon us through these grants," said CEO Jeff Ivey. "We are determined to invest these funds to foster economic empowerment, uplift disadvantaged individuals, and fuel sustainable growth within San Antonio communities."
‘Catalyst for Positive Change’
By securing these substantial grants, River City FCU added it has “solidified its role as a catalyst for positive change within the San Antonio community. These funds will empower the credit union to extend financial support to those who need it most, enabling them to navigate challenging circumstances and embark on a path of stability and success.”
In 2022, River City said it received $1.86 from the CDFI’s Rapid Response Program, which it used to assist businesses and households affected by COVID-19.
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