Local credit union obtains $ 1.8 million relief grant; will use for small loans



Visalia-based Tucoemas Federal Credit Union has received a $ 1.8 million federal grant it plans to roll out in the form of small personal loans. Contributed photo

published on August 17, 2021 – 12:06 PM
Written by Business Journal staff

Visalia-based Tucoemas Federal Credit Union has received a $ 1.8 million federal grant that it plans to roll out in the form of small personal loans.

The amount represents the maximum amount under the Rapid Response Program, administered by the Financial Institutions Community Development Fund from money provided by the US Department of the Treasury.

The grant is part of a total of $ 1.25 billion in Covid-19 relief funds to community development finance institutions across the country. Of the 863 CDFI organizations receiving funding, 244 credit unions received $ 401.8 million in rewards (including $ 20.7 million to 13 credit unions in California), according to the California Credit Union League.

The grant enables Tucoemas to provide better access to personal loans up to $ 5,000 (called “RISE loans”), with an easy application process and same-day approvals.

Tucoemas RISE loans are accessible to everyone and are intended to inject capital into local communities. CEO Brice Yocum said: “We have all been affected by the pandemic and now we must stand up together in these difficult times. This grant allows us to provide even more financial resources to all members of our community.

“As a Minority Depository Institution (MDI), this grant gives us additional tools to fulfill our mission of serving communities that are generally underserved and are experiencing financial setbacks as a result of the pandemic,” said Meredith Ritter, financial director of Tucoemas.


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