EAU CLAIRE, Wis. – Royal Credit Union has been awarded $525,000 from the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Financial Assistance Program.
Royal is one of 265 CDFIs receiving the grant funds.
Royal CU said its work as a CDFI is focused on expanding access to quality credit products and improving financial well-being for all. Royal will use grant funds to lend deeper into target markets, specifically low-income, distressed, and underserved people. This will include plans to offer a home improvement consumer, unsecured signature loan for the purpose of rehab or “livability” type home improvements, the credit union said.
The application was written and submitted by Royal’s internal CDFI team, which works to deploy and track grant funds for the benefit of its members.
Royal became a certified CDFI in 2015. With the latest grant, Royal has received five grants under the CDFI program totaling over $6.9 million.