September 23, 2020
Eau Claire, WI – Royal Credit Union received a $16,000 Targeted Impact Fund Grant from the Federal Home Loan Bank of Chicago. Funds will be used to support relief efforts for populations hardest-hit by the COVID-19 pandemic and to promote racial equity. Royal will also contribute funds to maximize the positive impact.
Royal has selected three nonprofits to receive the grant funds. These organizations are providing financial education, housing assistance, business assistance, and shelter at a critical time. The nonprofits also focus on serving important populations, including minority youth, women in business, and those who are homeless.
SecureFutures seeks to empower teens through financial education. Many teens served have experienced money as a part of the barriers they face every day. They’ve seen the effects of the cycle of poverty, of predatory lending practices, and of discriminatory pay inequity. Youth are matched with a mentor and develop an action plan to achieve financial goals. Brenda Campbell, President and CEO, expressed, "We are very excited about this partnership. There is so much synergy between our organizations and I love Royal’s passion for financial empowerment." Royal’s Community Engagement team will soon collaborate with SecureFutures on a virtual Test Drive…Next Stop Reality program, which provides a real-life simulation of money and finances.
Western Dairyland Economic Opportunity Council provides housing assistance and operates homeless shelters. They also run the Women's Business Center, where special efforts are made to assist economically and socially disadvantaged women. “In these unprecedented times, it is reassuring to know we have partners like Royal Credit Union who are committed to caring for those most vulnerable members of our community and most greatly impacted by the pandemic. As Western Dairyland continues to fight poverty and alleviate poverty related conditions in our community, we look forward to continued work with Royal in keeping our economy moving forward,” commented Karman Briggs, Director of Jobs & Business Development.
The Sojourner House is the largest homeless shelter serving the Eau Claire area. Due to COVID, they temporarily relocated to a local indoor ice rink and collaborated with other service providers to offer 24/7 services in a safe environment with sufficient space. Kyle Petras, Director, shared, “Sojourner House is truly grateful to be receiving support while working together with community partners. We are placing immense effort into serving our guests during a traumatic experience, and Royal Credit Union provides us with resources to do so.”
About Royal Credit Union
Royal Credit Union is a federally insured credit union proudly serving over 220,000 Members in Minnesota and Wisconsin. Royal is driven by a core ideology which is built on strong purpose and values. You can open an account or apply for a low-rate loan at Royal Credit Union if you live or work in 26 counties in western Wisconsin or 16 counties in Minnesota. Counties served in Wisconsin include Adams, Ashland, Bayfield, Barron, Buffalo, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Polk, Portage, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona and Wright. Realtors in the state of Wisconsin or Minnesota are also eligible to join the credit union. Visit rcu.org or call Royal Credit Union at 800-341-9911 for more information.
About Federal Home Loan Bank of Chicago
The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) Targeted Impact Fund provides members with grants to support relief efforts for populations hardest-hit by COVID-19 as well as to promote equity and opportunity for communities of color. The Targeted Impact Fund opened on Monday, August 17, with funding available through Wednesday, September 30. For more information visit fhlbc.com.