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Joplin credit union receives grant - KOAM TV 7

Joplin credit union receives grant

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NEWS RELEASE ISSUED BY THE MISSOURI CREDIT UNION ASSOCIATION

Treasury Awards Community Development Grants to MO Credit Unions

Saint Louis, Mo. – Credit unions in Missouri now have additional resources to positively impact their communities. The U.S. Department of Treasury’s Community Development Financial Institutions Fund awarded 10 Missouri credit unions $4.79 million in grant funding. The grants are restricted to certified Community Development Financial Institutions (CDFI), which operate in niche markets that are underserved by traditional financial institutions. It’s estimated that 100 of the state’s 134 credit unions meet the U.S. Treasury’s eligibility requirements.

The 10 awarded credit unions provide a unique range of financial products and services in economically distressed target markets, such as mortgage financing for low-income and first-time homebuyers and not-for-profit developers, flexible underwriting and risk capital for needed community facilities, and technical assistance, commercial loans and investments to small start-up or expanding businesses in low-income areas.

“These community grants validate that not-for-profit credit unions have always and continue to be of service to working class people - especially those of modest means,” says Missouri Credit Union Association (MCUA) President/CEO Don Cohenour.

The grant money can be used for a variety of community and business outreach efforts including stimulating economic development in low-income areas, increasing lending in underserved markets, providing free financial education for under-banked consumers and more.

“CDFI grants make services and loans accessible to hard-working members who were hit the hardest with layoffs and employment at reduced salaries during America’s economic recovery,” says MCUA Board Chairman Brian Eyestone. “These funds will help credit unions in Missouri further their historical mission of People Helping People.”

The following Missouri credit unions received CDFI grants:

Alliance Credit Union

Choices Federal Credit Union

Electro Savings Credit Union

Joplin Metro Credit Union

KC Terminal Employees/Guadalupe Center FCU

Poplar Bluff Federal Credit Union

South Central Missouri Credit Union

St. Louis Community Credit Union

UNITE Burlington Credit Union

United Credit Union

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