The Community Development Financial Institutions (CDFI) Fund awarded two grants to El Paso, Texas-based Raiz Federal Credit Union. The awards of over $5.7 million will be used to help Raiz in its mission of providing affordable financial services and fostering economic growth in the El Paso area.
The CDFI Fund, which is overseen by the U.S. Department of the Treasury, is devoted to boosting economic growth and community development by providing financial resources and technical support to certified CDFIs.
The first grant, awarded under the CDFI Equitable Recovery Program, is for $4,957,678. This grant significantly increases the credit union’s capacity to support small businesses and low-income individuals through innovative financial products and services. The fund also allows Raiz to continue its mission of empowering individuals and businesses to achieve their financial goals by improving its technology infrastructure, expanding lending programs, and enhancing financial education initiatives.
The second grant, amounting to $797,900, has been awarded under the CDFI’s Financial Assistance (FA) Program, an initiative created in an effort to improve access to affordable financial services for underserved populations. This grant allows Raiz to strengthen its operational capabilities, increase lending capacity, expand outreach efforts, improve targeted marketing, and develop new programs to address the specific financial needs of the communities.
“We are thrilled to receive these two grants from the CDFI,” said Dania Angeles, community impact manager at Raiz Federal Credit Union. “These funds will be instrumental in supporting the financial prosperity and general well-being of our members and community.”