SPOKANE, Wash.–CU Strategic Planning is reporting three of its client credit unions have been awarded $200,000 in grants each through California’s Investment and Innovation Fund Program.
The three credit unions that received the awards were:
- $172.6 million MERCO Credit Union
- $157.2 million Ontario Montclair School Employees FCU
- $106.9 million SMW #104 Federal Credit Union
According to the company, the California legislature established the Cal IIP to develop ongoing partnerships with CDFIs to efficiently deploy equitable economic recovery opportunities for low-income communities and communities of color disproportionately affected by the COVID-19-related economic fallout.
The California legislature intends to keep the Cal IIP up and running as a potential repository for emergency funding programs.
‘Excited for Clients’
“We’re very excited for our clients who earned the Cal IIP awards,” said CU Strategic Chief Experience Officer/Co-Owner Mike Beall. “While we’re known as leaders in CDFI Fund financial awards for credit unions, we are also looking forward to working on applications for the Greenhouse Gas Initiative when they open, the 2024 Small Dollar Loan Program, and other state-level grants.”
Added MERCO CU CEO David W. Ness, “Thank you to the team at CU Strategic Planning for all your hard work. We couldn’t have done it without you. We look forward to serving our low-income communities and those whom financial services have historically abandoned with even more opportunities to build financial wellness.”