June 15, 2021
Eau Claire, WI-Royal Credit Union has been awarded more than $1.8 million from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Rapid Response Program. The awards were announced today by Vice President Kamala Harris at the White House with Treasury Secretary Janet L. Yellen. Royal is one of 863 CDFIs receiving the COVID-19 relief funds.
Link to CDFI Fund news release: U.S. Treasury Awards $1.25 Billion to Support Economic Relief in Communities Affected by COVID-19 | Community Development Financial Institutions Fund (cdfifund.gov)
Royal’s work as a CDFI is focused on expanding access to quality credit products and improving financial well-being for all. The Rapid Response Program provides necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic. Royal will use grant funds to lend deeper into target markets, specifically low-income, distressed, and underserved people. This will include meeting a variety of needs ranging from small-dollar signature loans to auto loans and mortgages.
Royal is 1 of more than 1,200 certified CDFIs that work in low-wealth communities across the United States. There are only 6 credit union CDFIs operating in WI and MN. CDFIs are mission-driven financial institutions that bring affordable credit and financial services to individuals and businesses, often in minority and economically distressed communities.
The application was written and submitted by Royal’s internal CDFI team. The team works together to deploy and track grant funds for the benefit of Royal Members. Royal became CDFI certified in 2015. Including today’s announcement, Royal has received four grants under the CDFI program totaling over $6.4 million.
Link to CDFI info blog on rcu.org: Royal Credit Union is a Community Development Financial Institution…Here’s What That Means | Royal Credit Union (rcu.org)
About Royal Credit Union
Royal Credit Union is a federally insured credit union proudly serving over 230,000 Members in Minnesota and Wisconsin. Royal is driven by a core ideology built on a 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.