RIDGECREST – AltaOne Federal Credit Union recently received notice that it was 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.

“We would like to thank the U.S. Department of the Treasury for recognizing the work Altawan has done to help the residents of Khan, Mono and Inyo counties,” said Stephanie Sievers, CEO of Altawan. “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 is the second of funds set aside as part of the Coronavirus Aid, Relief and Economic Security Act to be rolled out by the CDFI Foundation to expand the CDFI’s ability to help revitalize the most affected communities. is the last installment. Proceeds from ERP grants will be used to extend loans to underserved low- to middle-income populations, grant structuring, expansion of investment activity, and expansion to borrowers with unmet financial and financial services needs. used for 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 by Vice President Kamala Harris and Deputy Treasury Secretary Wally Adiemo.

AltaOne achieved accredited CDFI status in May 2022 and was assigned 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.