EAU CLAIRE, Wis.–Royal Credit Union has been awarded more than $1.8 million from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Rapid Response Program.
Royal said its work as a CDFI is focused on expanding access to quality credit products and improving financial well-being for all.
The Rapid Response Program provides necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic. Royal said it will use grant funds to lend deeper into target markets, specifically low-income, distressed, and underserved people. This will include meeting a variety of needs ranging from small-dollar signature loans to auto loans and mortgages.
The application was written and submitted by Royal’s internal CDFI team, which it said works together to deploy and track grant funds for the benefit of Royal Members.
Royal became CDFI certified in 2015. Including the latest announcement, Royal has received four grants under the CDFI program totaling over $6.4 million.