Peninsula Credit Union recieves $2 million for financial education/low income outreach
SHELTON, WA (September 18, 2015) — Peninsula Credit Union has been notified that they have been awarded a CDFI Grant in the sum of $2 million dollars to help serve the underserved in their areas of membership.
They are one of only twenty-one credit unions that were awarded nationally and the only credit union in Washington, Oregon or Idaho to receive a grant.
The Community Development Financial Institutions (CDFI) Fund was established to promote economic revitalization in low-income communities. Its purpose is to use federal resources to invest in CDFIs and to build their capacity to serve low-income people and communities that lack access to affordable financial products and services. The grant is the result of a substantial application process Peninsula began in 2013.
Jim Morrell, President/CEO of Peninsula was a driving force behind the application and award, “By helping to bring affordable loans to families in need, we hope to help revitalize the local economy at the same time.” said Mr. Morrell.
This comes at critical time due to continued high unemployment, plant closures and a growing sense of financial insecurity in Peninsula’s field of membership; Mason, Grays Harbor, Jefferson, Clallam and Kitsap Counties. The grant will enable Peninsula to provide affordable loans to families in need and help revitalize the local economy. Additionally, they will be able to increase their work in financial education and outreach to those who may not otherwise have access to those services. In the next five years they plan to provide an additional $42 million in loans to people who may not otherwise be able to borrow at reasonable interest rates if at all.
“Jim has been a visionary in the credit union industry since his time at the Filene Institute. His leadership at Peninsula Credit Union is making it one of the most visionary credit unions in the Northwest.” Stacey Augustine, CEO/Managing Partner, CU Strategic Planning.
Peninsula Credit Union is the only CDFI located in the communities they serve and has taken on the responsibility to help people improve their financial lives at all levels. Previously, they have introduced innovative products like “Borrow and Save”, a way for members to get out of the check cashing cycle, and “Save to Win”, a prize linked savings account, demonstrating Peninsula’s commitment to meeting their member’s needs. With the additional funding, they are committed to continue their mission of; “serving their {members} financial needs with affordable financial services, educating to create a personal development plan we demonstrate our care to enrich their lives and helping to achieve financial stability.”
“This grant will help increase opportunities on the Peninsula,” said Congressman Derek Kilmer. “Now, workers and families will have the chance to obtain a quality, affordable loan that can help them get a leg up. At the same time it will give folks a chance to learn about the variety of financial tools they have access to at an institution like Peninsula Credit Union. By expanding the ability for Peninsula families to do everything from saving for what life can throw their way to opening a storefront, this award for Peninsula Credit Union provides them with another tool to keep our local economy moving for everyone.”