LANSING, Mich.–Astera CU has received a $1.5 million Rapid Response Program from the Treasury Department.
“As a newly certified CDFI credit union, we are very excited about the opportunity the RRP grant award will provide Astera Credit Union,” said President/CEO Martin Carter. “At a strategic level we are committed to improving the financial well-being of both consumers and businesses in the low-income communities we serve. This grant award will help Astera create a larger infrastructure to support and significantly expand our lending to a much broader group of financially challenged lower-income members and potential members.”
The CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic.