Royal Credit Union Receives $2 Million CDFI Grant
Royal Credit Union (Royal) has received a second $2 million grant award from the U.S. Treasury’s Community Development Financial Institution Fund. Of the 288 CDFI-certified credit unions, only 23 received an award this year.
The CDFI program includes both certification and grant options. In 2015, Royal became a certified CDFI, one of only six certified credit unions in WI and MN. Royal received this certification due to its significant history of serving the needs of low-income people in our communities, through both lending and financial education.
“It's our purpose being lived out,” said Rudy Pereira, CEO and President of Royal. “What the U.S. Treasury looks for in awarding funds to CDFI financial institutions is a track record of having the capacity to help. And that's what Royal and its team members have been doing for many, many years and will for many, many years to come.”
Royal’s CDFI certification and grants help improve local economies, and the lives of Members, by providing greater access to financial services – like home and auto loans – and financial education. In particular, Royal can help people who are unserved or underserved and those who are lower-income.
Royal received its first $2 million CDFI grant in 2015. So far, there have been many success stories for the credit union’s Members. For example, first-time home buyers, though low-income and credit-challenged, have been able to realize home-ownership dreams at a cost well below what they had been paying in rent.
Royal’s core purpose is to create a positive impact in the lives we touch. The CDFI status helps Royal continue building capacity to expand economic opportunity for Members and the communities the credit union serves.
About Royal Credit Union
Royal Credit Union is a federally insured credit union serving over 160,000 Members with 25 full service offices. 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 18 counties in Western Wisconsin or 12 counties in Minnesota. Counties served in Wisconsin include Eau Claire, Chippewa, Barron, Buffalo, Burnett, Clark, Dunn, Jackson, Marathon, Pierce, Pepin, Polk, Rusk, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Olmsted, Ramsey, Scott, Wabasha, Washington, and Winona. 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 1-800-341-9911 for more information.