Circle, MT – The U.S. Department of Treasury recently announced recipients of COVID-19 relief funds to community development financial institutions (CDFIs) and Grasslands Federal Credit Union (GFCU), along with two other credit unions in the state, made the list to receive this vital funding. GFCU was granted $1.8 million through the Treasury’s CDFI Rapid Response Program (RRP). This funding will support the credit union in responding to economic challenges brought on by the COVID-19 pandemic in the communities it serves.
“The communities we serve are working hard to recover from the unforeseen hardships that stemmed from a year of change,” said Emily Guldborg, Manager at GFCU. “These funds will bolster our efforts to continue to respond and provide relief to all members and businesses within our community needing an extra helping hand.”
The funds granted to GFCU will be utilized by the credit union to support eligible activities, such as financial products, financial services, development services, and certain operational activities, and to enable CDFIs like GFCU to build capital and loan-loss reserves. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic.
“We are thrilled for GFCU to have received this funding,” said Tracie Kenyon, President and CEO of Montana’s Credit Unions. “As one of only five other credit unions in our state to be a certified CDFI, they are a leader in our industry who truly operates by the credit union philosophy of People Helping People. I know that these funds will be put to use bettering the lives of all those who live, work, and recreate in the communities GFCU serves.”
GFCU has been a consistent support for the community this past year, as the credit union closed 397 Paycheck Protection Program loans that amounted to approximately $6.87 million to support small businesses in need. In addition, the credit union also obtained a $10,000 grant from the National Credit Union Administration to assist local schools with the added expense of providing breakfast and lunch programs for students despite school closures.
About Grasslands Federal Credit Union;
Grasslands Federal Credit Union is a cooperative, not-for-profit financial institution, chartered by the federal government, owned and controlled by its members. It serves McCone, Garfield, Dawson, Richland, Wibaux, Roosevelt, Valley, Phillips, Petroleum, Rosebud, Custer, Fallon, Daniels, Sheridan, Treasure, Carter, Powder River and Prairie County residents. To learn more about Grasslands Federal Credit Union, please visit https://grasslandscu.com/.
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