MERCO, Ontario Montclair and SMW #104 Win Grants in California

Many grant opportunities are available to CDFI credit unions

Doors of opportunity open for Community Development Financial Institution-certified credit unions in the world of grants – not solely CDFI Fund grants. Last week, three CU Strategic Planning clients were awarded $200,000 in grants each through California’s Investment and Innovation Fund Program.

The three credit unions that received the awards were:

⇒ $172.6 million MERCO Credit Union

⇒ $157.2 million Ontario Montclair School Employees Federal Credit Union

⇒ $106.9 million SMW #104 Federal Credit Union

“Thank you to the team at CU Strategic Planning for all your hard work,” MERCO CU CEO David W. Ness said. “We couldn’t have done it without you. We look forward to serving our low-income communities and those whom financial services have historically abandoned with even more opportunities to build financial wellness.”

The California legislature established the Cal IIP to develop ongoing partnerships with CDFIs to efficiently deploy equitable economic recovery opportunities forlow-income communities and communities of color disproportionately affectedby the COVID-19-related economic fallout. The California legislature intends to keep the Cal IIP up and running as a potential repository for emergency funding programs.

“We’re very excited for our clients who earned the Cal IIP awards,” CU Strategic Chief Experience Officer/Co-Owner Mike Beall said. “While we’re known as leaders in CDFI Fund financial awards for credit unions, we are also looking forward to working on applications for the Greenhouse Gas Initiative when they open, the 2024 Small Dollar Loan Program, and other state-level grants.”