ROCKY HILL, Conn.–Nutmeg State Financial Credit Union has been awarded a Community Development Financial Institution (CDFI) Fund grant for their work to help serve the minority, immigrant, underserved and emerging markets within the state of Connecticut.
The CU was awarded $686,500 and was one of two Connecticut institutions to receive funds. This money will help subsidize programs for new loans to those who would otherwise be denied or unable to obtain one. Many financial institutions will take little-to-no risk on people with poor, or no established credit. These targeted groups are unable to build or restore credit due to their citizenship status or financial position. Nutmeg’s new programs will be able to finance new stepping stones for these individuals and families.
“We have been given a great opportunity to help build this financial foundation for people throughout the state. We are grateful and excited to bring security to these families. A simple car loan opens up doors to new job possibilities, the chance to experience better educational opportunities for their children, and so much more,” said John Holt, President and CEO of Nutmeg State Financial Credit Union.
Nutmeg State Financial Credit Union was awarded the CDFI Juntos Avanzamos designation earlier this summer. Spanish for “Together We Advance,” this designation recognizes and celebrates Nutmeg’s dedication to emerging markets and their families. Plans to form new lending programs for individuals and families are set to launch later this year into 2018. Lending programs include automobile loans, personal loans, credit-building loans and more.