MECU today announced that it was awarded a $875,000 grant from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to further invest in Baltimore’s underserved communities.
MECU, one of two Maryland credit unions to receive an award, plans to use the funds to expand its financial education and counseling programs, as well as increase lending and investment activity in low-income and economically distressed communities across the Baltimore region.
“We are honored to be recognized once again for our commitment to Baltimore’s underserved population,” said MECU President and CEO John Hamilton. “This grant will allow us to expand our financial counseling services and offer more affordable loan products to our low-income communities, helping them to improve their credit and break the cycle of predatory lending.”
MECU’s Board Chair Herman Williams Jr. added, “I am very proud of this award and MECU’s continued focus on empowering its members to improve their financial well-being and live better.”
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program.
Established in 1936, MECU is Baltimore City’s largest credit union, with assets of approximately $1.2 billion. MECU has nine branches throughout the Baltimore area and offers a full range of financial products and services. The credit union also provides access to over 30,000 free ATMs and 5,000 shared branches nationwide through the CO-OP network. For 37 years straight, MECU has distinguished itself in the Baltimore community by returning more than $90 million in profits to its members as part of a cash bonus program that rewards members for choosing MECU. Membership with MECU is open to anyone who lives, works, worships or attends school in Baltimore City. Learn more at www.mecu.com.