Montgomery County Employees Federal
Credit Union Earns $600,000 CDFI Grant
From The U.S. Treasury Department
Germantown, Md., - Montgomery County Employees Federal Credit Union (MC EFCU) of Germantown, Md., has earned a $600,000 Community Development Financial Institution (CDFI) grant from the U.S. Treasury Department.
MC EFCU, which primarily serves Montgomery County government employees, along with members from a variety of other local businesses, was informed that the credit union had earned the CDFI certification several months ago. However, the CDFI grant award was not revealed until recently.
CDFI certified financial institutions are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals in underserved communities. In order to earn the CDFI certification, a financial institution must show a primary mission of supporting community development, provide financial products and services, and serve one or more defined low-income target markets.
"We are very pleased with the results of the grant award," said Jim Norris, CEO of MC EFCU. "For MC EFCU, this is a meaningful step in continuing to financially serve the underserved communities of Montgomery County. We look forward to implementing our full community development plan in the years to come."
Jorge Saenz, Chief Development and Engagement Officer at MC EFCU, has been integral to the steps that the credit union has taken to qualify and achieve the CDFI grant. "Our community development team gets to see first-hand how helpful and useful a trustworthy financial resource like a credit union can be," he says. "The CDFI grant allows us to grow our development programs and help more members."
As part of the application process to become a designated Community Development Financial Institution, MC EFCU was asked to submit a detailed plan that shows how they serve economically disadvantaged communities. MC EFCU will execute their plan over a three-year period.
For more information about MC EFCU, visit www.mcefcu.org.
About MC EFCU (www.mcefcu.org)
Montgomery County Employees Federal Credit Union is a leader in providing outstanding financial products and service to their members of all financial backgrounds. Founded in 1968 to serve the financial needs of Montgomery County Maryland Government Employees, MC EFCU has over the years expanded to include other employer
groups and is today a credit union with over $130 million in assets and serves more than 14,000 members.