ALEXANDRIA, Va.– Following a personal request from Senator Mark Warner (D-VA), Democracy FCU executives and City of Alexandria’s Councilmember John T. Chapman socially distanced in a meeting that discussed the senator’s recent introduction of the Jobs and Neighborhood Investment Act.
The legislation would provide an investment of $17.9 billion into low-income and minority communities, allocating $2.9 billion in funding for Community Development Financial Institution Funding (CDFIs), with $500 million in grants for minority-owned and minority-led lenders.
During the meeting, Sen. Warner cited that this is his “top priority” and would “help provide immediate relief to businesses who need major financing after Labor Day.”
The three tiers of the bill would provide a ‘possible increase in lending for credit unions, such as Democracy FCU.
During the meeting, Senator Warner wanted to know how Democracy FCU could use the funds to extend our reach and increase resources for its members and communities, with the CU responding that the allocation of funds would be a “huge” help as it seeks to provide financial support to the community, enhancement of technology, financial resources, training, etc., and would also equalize access to capital for minority-owned businesses.
“We really appreciated the time that Sen. Warner spent talking to us and sharing his vision of the Bill,” said Ken Cahoon, Democracy FCU CEO/president. “This legislation is right in line with our strategic initiative to invest in our community by extending our outreach program, enhancing technology, improving our processes and increasing our community partnerships that make sense for the credit union, and our members; furthering our commitment of providing financial freedom to all.”
Also in attendance was City of Alexandria’s Councilman John T. Chapman, who is also the owner and of the Manumission Tour Co. in Old Town Alexandria, a tour company that curates guided cultural heritage tours designed to highlight Alexandria’s extensive African American History.
NBC 4 Washington Reporter Julie Carey highlighted the Friday meeting in her segment discussing how “people of color have been hit the hardest by the pandemic, not just in terms of the virus, but also economically.”
CLICK HERE to watch the news segment.