CDFI Fund Grant Empowers Development of Financial Services for Marginalized Communities

Verity Credit Union announced today that it has received a $725,000 Financial Assistance (FA) grant from the U.S. Treasury’s Community Development Financial Institution (CDFI) fund, providing monetary services and products for low-income and underserved individuals. 

This grant further empowers Verity to continue deepening its mission as a Community Development Financial Institution (CDFI), serving communities that have been historically excluded from inclusive and affordable financial services. The FA grant was awarded to 357 CDFIs, including Verity, to empower them to grow, achieve organizational sustainability, and contribute to revitalizing low-income and distressed communities nationwide. The FA awards have previously resulted in business creation and growth, new jobs, affordable housing development and increased homeownership, and increased financial services for individuals and communities in need nationwide.

Verity will deploy the funds from this grant to deepen its support of historically marginalized small businesses, including establishing an initiative to provide economic opportunities through microbusiness lending, breaking the poverty cycle. 

“We are thrilled to receive this grant and to continue fortifying our mission of showing up for communities who have been unfairly excluded from accessing capital, building wealth, and entering into mainstream financial services,” said Ziquora Banks, Chief Impact Strategy Officer of Verity Credit Union. “This funding will allow us to enact specific initiatives for local small businesses, addressing the socio-economic realities of the wealth gap experienced across the U.S.”

This new CDFI grant funding furthers Verity’s commitment to serving its community, also demonstrated through partnerships with organizations like Zest AI and Business Impact NW, as well as innovative initiatives like Limited Equity Co-Op loans and its Microgrant program. 

CU Strategic Planning assisted with the grant application.