Greylock Federal Credit Union has been awarded $525,000 in grant funds from the Community Development Financial Institutions (CDFI) Fund of the US Treasury Department. The award will expand products for low-income members and increase services that promote financial inclusion. Greylock is the only CDFI credit union in western Massachusetts.
“We are so thankful for the opportunity to provide these unique services in our community,” said Greylock President & CEO John L. Bissell. “We want to be a partner in our members’ success. These funds help us serve the entire community, especially those who have been historically under-banked or who lack access to traditional financial services and community support.”
This is the second CDFI grant awarded to Greylock. The first award of $686,500 was received in 2017. Those funds were leveraged to generate over $15 million in special lending in Berkshire County including New Road Auto loans, Small Business loans and Safety Net loans. “This latest award will allow us to expand on those offerings and help more people in our community to thrive,” said Bissell.
“These loan products were developed to provide access to financial services for our under-served community and reduce our members’ dependence on predatory lenders,” said Greylock’s Senior Vice President, Chief Lending Officer Jodi Rathbun-Briggs. “The initial award proved that Greylock has the commitment and expertise to address this gap in services. We are proud to be entrusted to grow this work through the subsequent award of funds.”
The initial award also supported the program creation at the Community Empowerment Center (CEC) that opened in Greylock’s Kellogg Street branch earlier this fall. The new grant will enhance outreach and education efforts and allow greater flexibility to develop new products that meet the unique needs of the community. The CEC is a safe space where anyone can access the financial tools and resources needed to thrive and grow in the community. It is home to Greylock’s special lending programs, personal financial coaching services, school-based financial literacy curriculum, member education classes, and immigrant and minority services.