SCCCU Awarded $1.8 Million Rapid Response Grant from CDFI
June 16, 2021
On June 15, Santa Cruz Community Credit Union (SCCCU) found out it received a Rapid Response Grant of $1.8 million from the Community Development Financial Institution (CDFI).
Vice President Kamala Harris and Treasury Secretary Janet Yellen announced that the U.S. Treasury was awarding $1.25 Billion to support economic relief in communities affected by COVID-19. The grants will be made through Treasury’s CDFI Rapid Response Program and provide the necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.
SCCCU was formed in 1977 and continues to follow its guiding principles to improve the quality of life for everyone in the community. We are designated as a CDFI (Community Development Certified Financial Institution), a Low-Income Certified Credit Union, and a “Juntos Avanzamos” Certified Credit Union, operating under our mission of economic justice for all.
“As a CDFI (Community Development Financial Institution) credit union, our commitment is to provide services that lift everyone in our community. We have been recognized by the CDFI Fund for the past five years for our efforts in serving underserved communities in our area,” said Beth Carr, President/CEO of SCCCU.
When asked how she felt about receiving the grant, Carr stated, “I am ecstatic and grateful. Our role in this community is like no other. We operate every day in a different capacity as a small credit union, but with a heart that goes beyond transactions in our branches and mobile banking. We represent hope to so many people in our community who need that extra hand. We also have a well-oiled plan to bring support to our community with these funds. Receiving this grant will be a game-changer for us in how, when, and where we provide services to underrepresented people and communities throughout our area.”
Rapid Response Grants provide CDFIs with an unprecedented level of flexible capital to help distressed and underserved communities across the country take meaningful steps towards recovering from the debilitating economic impacts of the COVID-19 pandemic,” said CDFI Fund Director Jodie Harris. “CDFI awards will enable CDFIs to help businesses keep their doors open, help families make ends meet, and help maintain essential community facilities during this difficult time.”