Two Local Credit Unions Award Covid-19 Relief Grant
Shelton, WA – Two credit unions in Mason County have each received $1.83 million in Rapid Response Program (RRP) grant funding from the US Treasury Department. These dollars will provide vital capital to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. Peninsula Credit Union (PCU) and Our Community Credit Union (OCCU) were two out 11 Community Development Financial Institutions (CDFIs) in Washington State to receive a portion of the $38 million in funding.
Grant funds will be utilized in support of eligible activities such as financial products, financial services, development services and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves.
As credit unions are collaborative in nature, both institutions are grateful for this funding and recognize this as a new opportunity to provide additional assistance to the individuals and businesses of the communities we serve.
According to the US Treasury Department, CDFI RRP grant funds will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs to build capital reserves and loan-loss reserves. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic. The CDFI RRP was authorized by the Consolidated Appropriations Act, 2021.
“Receiving the CDFI RRP is further validation affirming Peninsula Credit Union’s support for members in the communities we serve, particularly those hard hit by COVID-19. As a CDFI since 2013, our focus has been to meet people wherever they are at in their financial journey, understand their goals, and work with them to pursue those next steps. As our community development mission states: ‘Whether low to moderate income or wealthy, unbanked or underbanked, by listening to people, serving their financial needs, educating to create a personal development plan, we demonstrate our care to enrich their lives and help them to achieve financial stability…always!’ Cooperatively with OCCU, our credit unions can make a tremendous difference in the many households across the communities we serve” – Jim Morrell, Peninsula Credit Union President/CEO.
“OCCU is very excited about the recent announcement by the U.S. Treasury awarding OCCU $1,826,265 from the Treasury’s CDFI Rapid Response Program. These COVID-19 relief funds will help OOCU provide necessary capital to aid, the communities we serve, in responding to the continued challenges created by the COVID-19 pandemic. Everyone has, no doubt, felt the debilitating economic impacts of the pandemic, these funds will enable OCCU to help find solutions for our members, local businesses and the communities we serve, that have been financially impacted by the pandemic. We greatly appreciate this opportunity to further serve the communities we are in and big shout out congratulations to Peninsula Federal Credit Union for receiving the same CDFI Rapid Response Grant.” – Bert Fisher, OCCU President/CEO.
"It's crucial that as we recover and rebuild from this pandemic, we do so equitably so that we don’t leave the hardest-hit members of our community behind. Credit unions – such as Peninsula Credit Union (PCU) and Our Community Credit Union (OCCU) in Mason County– play a critical role in providing financial resources to families, workers, small businesses, traditionally underserved communities, and communities of color. I was proud to support the American Rescue Plan and other measures to revitalize our economy, so that CDFIs like PCU and OCCU have the capitol and resources they need to continue serving the South Sound and supporting an economy that works for everyone.” – U.S. Congresswoman Marilyn Strickland.
“Communities in our region and across the nation have been hit hard by this pandemic. That’s why I pushed for -- and Congress provided -- funds to help ensure these communities have access to financial relief. I’m thrilled that Peninsula Credit Union and Our Community Credit Union were awarded these critical funds because these resources will empower them do what they do so well -- enable their members, local small businesses, and our communities to access the financial help they need as we work to recover from COVID-19.” – U.S. Representative Derek Kilmer (WA-06).
About Peninsula Credit Union: Our business philosophy is best described by our mission statement: “We listen, we serve, we educate, we care... Always!” We are conscious of our roots, mindful of our responsibilities and energized by our potential to aid our members in an increasingly complex financial world. We are involved in our communities and, like you, appreciative of the dramatic beauty and riches of the Olympic Peninsula.
Peninsula Credit Union is a $250 million federally chartered credit union with over 20,000 members. We operate five branches in Mason, Kitsap and Jefferson Counties. Anyone who lives, works, worships, or attends school in Mason, Kitsap Jefferson, Clallam or Grays Harbor Counties and/or the immediate family related to a current member is eligible to join.
About Our Community Credit Union: Over the last 80 years, Our Community Credit Union has remained true to its roots, providing personal, caring service while creating innovative and flexible financial products and services that are focused on helping members meet their financial goals through both traditional banking values and technology driven services.
OCCU has over 400 million in assets, over 34,000 members, and operates eight branches throughout Mason, Grays Harbor, Thurston, and King Counties. Anyone living, working, or attending school in the state of Washington can join. OCCU is large enough to offer a wide variety of products and services yet has not lost its purpose to provide personal, caring service to their membership. OCCU has been helping build strong communities since 1941.
About the CDFI Fund: Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program.
Source: iFiberOneNewsRadio