SEATTLE—Verity Credit Union said it has received a $383,223 grant from the Treasury’s Department’s Small Dollar Loan (SDL) program that it will utilize to develop a program offering unsecured loans of up to $2,500, with no prepayment penalty and the opportunity to repay in installments.
The $859-million Verity CU said the initiative builds on its mission to reduce the generational wealth gap, supporting members in establishing credit and managing their finances effectively.
"We are thrilled to receive this grant and continue to empower our members with access to needed financial services and solutions, especially those who have been unfairly targeted by predatory lenders," CEO Tonita Webb said in a statement.
"This funding will allow us to provide a vital financial lifeline and equip our community with the tools they need to achieve long-term financial stability."
‘Furthering Commitment’
Verity CU said the addition of the SDL program furthers its commitment to serving the community, expanding the support it offers through its Microgrant Program, Limited Equity Co-op loans, and partnerships with organizations like Zest AI and Business Impact NW.
Verity said it also offers a range of innovative programs and services, including reduced overdraft fees, bicycle loans, solar loans, no-minimum CD programs, and small business loans.