OAK RIDGE, Tenn.–Y-12 FCU said it plans the approximately $2.5 million it has received as a CDFI grant to expand its effort to support low-and moderate-income communities in helping efforts to reclaim economic stability caused by the pandemic.
Y-12 FCU said has a lengthy history of supporting underserved communities through financial education, and that it and its its Y-12 FCU Gives Foundation regularly engage in outreach services.
“When we applied for this specific grant, we did it with the realization that many in our local East Tennessee communities are still experiencing financial trauma from the pandemic,” said Chief Financial and Strategy Officer Dustin Millaway. “We hope our communities know that we take their futures seriously, which is why we have researched many support avenues to help them recover. I am proud of this award and ready to put it into action,” said Millaway.
Laura Stewart, vice president of finance, spearheaded the CDFI application’s rigorous and lengthy process on behalf of the credit union.
“From discovery through completion, Laura was instrumental in our credit union being awarded the grant. Her diligence in the process is a testament to her commitment to our members and the communities we serve,” Millaway added.
According to the most recent data published in 2021, 13.6% of Tennessee’s population lived below the poverty line. Through grant awards like the CDFI-ERP and a hyper-focus on financial education, Y-12 FCU said in a statemen it is intent on renewing hope for families and their futures.