COLUMBUS, OH, June 25, 2021 — The Consolidated Appropriations Act of 2021 recently allocated $1.25 billion to the Community Development Financial Institutions Fund (CDFI Fund) within the U.S. Treasury to deliver immediate assistance to communities impacted by the COVID-19 pandemic through eligible Community Development Financial Institutions (CDFIs). The CDFI Fund awarded these funds through the CDFI Rapid Response Program (CDFI RRP), to rapidly support financial products, financial services, development services, and certain operational activities, which enable CDFIs to build capital reserves and loan-loss reserves.
Twelve Ohio CDFI-certified credit unions were awarded RRP funds, including Buckeye State Credit Union. President and CEO Michael Abernathy stated, "Buckeye State Credit Union has been a proud CDFI since 2018 and has been awarded grants in the past, but the $1,800,000 RRP grant is a game changer. It allows us to introduce new products and services that will make an impact on the communities we serve. These grants continue to allow us to provide loans to those with challenged or recovering credit that help prevent members of our community from being taken advantage of by predatory lenders. These funds are a great resource in aiding the people of Northeast Ohio by giving many a second chance with credit or simply lending out much needed funds to improve the living conditions of many families and individuals in our communities."
The complete Ohio credit union CDFI RRP grant recipients are:
|
Credit
Union |
Grant Amount |
|
Canton
School Employees Federal Credit Union |
$1,826,265 |
|
Commodore
Perry Federal Credit Union |
$1,600,000 |
|
Day
Air Credit Union |
$1,826,265 |
|
Faith
Community United Credit Union |
$1,826,265 |
|
Greater
Cleveland Community Credit Union, Inc. |
$1,826,265 |
|
New
Horizon Federal Credit Union |
$1,200,000 |
|
North
Coast Credit Union |
$1,750,000 |
|
Nueva
Esperanza Community Credit Union |
$1,826,265 |
|
Telhio
Credit Union, Inc. |
$1,826,265 |
|
Toledo
Urban Federal Credit Union |
$1,826,265 |
|
VacationLand
Federal Credit Union |
$1,826,265 |
Michael Barr, President and CEO at Commodore Perry Federal Credit Union said, "Commodore Perry is committed to providing affordable financial solutions to the low to moderate income families of our community. We will be able to leverage this grant to provide even more support, particularly to those affected by the COVID-19 pandemic."
The Ohio Credit Union League joins credit unions in the excitement. "As catalysts of the Ohio Credit Union Movement, the Ohio Credit Union League looks forward to the expansion of the Movement made possible by these extraordinary grants and the positive impact it will have on the lives of more than three million Ohioans", said Ohio Credit Union League President Paul Mercer.
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The Ohio Credit Union League, with offices in Columbus, is the state trade association representing the collective interests of 243 credit unions. Credit unions are not-for-profit financial institutions owned and democratically controlled by their members. Ohio credit unions provide savings, loans, and other consumer-friendly financial services to more than three million members.
Contact:
Sean Fink
Manager of Communications, Ohio Credit Union League
(614) 581-0667
sfink@ohiocul.org
