AltaOne Federal Credit Union has received notice that it has been awarded a $2,478,839 Equitable Recovery Program Grant (ERP Grant) from the US Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). Grants totaling $1.73 billion were awarded from the CDFI Foundation to 603 Community Development Finance Institutions (CDFIs) nationwide.
AltaOne CEO Stephanie Sievers said: “This grant award enhances his AltaOne’s ability to continue rebuilding and investing in communities that have been neglected by pandemics, climate change and other mainstream financial institutions.”
This was secured as part of the “Coronavirus Aid, Relief, and Economic Security Act” being rolled out by the CDFI Foundation to expand CDFI’s capacity to help revitalize the most affected communities. It is the second and final installment of the funds. Proceeds from ERP grants will expand lending, grant making and investment activities to underserved low- to middle-income communities and borrowers with unmet capital and financial services needs. used to AltaOne serves many areas with limited or no access to financial services.
ERP grant funding was authorized by Congress in the Consolidated Appropriations Act of 2021 to address the economic impact of the COVID-19 pandemic. The grant award was announced today by Vice President Kamala Harris and Deputy Treasury Secretary Wally Adiemo.
AltaOne achieved accredited CDFI status in May 2022 and has been allocated investment territories and low-income target populations in California’s Inyo, Kern, Los Angeles, Mono, Orange, San Bernardino and Tulea counties. Clark County, Nevada. Mojave County, Arizona. For more information on AltaOne’s CDFI activities, please visit: AltaOne.org/CDFI.
About AltaOne Federal Credit Union
AltaOne Federal Credit Union is a federally chartered, full-service financial cooperative with assets of $794 million and serving more than 55,000 members. Headquartered in Ridgecrest, California, AltaOne was organized in China Lake in 1947 as his NOTS Employees Federal Credit Union. Membership is open to those who live, work, worship, volunteer, or go to school in Kern, Inyo, Mono counties, and select communities in northern San Bernardino counties. Branches are located in Bakersfield, Bishop, Boron, California City, China Lake, Kerneville, Lake Isabella, Lone Pine, Ridgecrest and Tehachapi. Accredited by the U.S. Department of the Treasury as a Community Development Financial Institution, AltaOne serves many areas where access to financial services is limited or inaccessible. For more information on AltaOne, please visit: AltaOne.org.
