Abbeville area residents to benefit from federal grant
Monday, September 30, 2013
Abbeville, SC –The Greater Abbeville Federal Credit Union (GAFCU) has
received a $99,995 grant from the Community Development Financial Institutions
Fund (CDFI) of the U.S. Department of Treasury. The award was announced
Tuesday, September 24 as part of the CDFI’s $172-million Financial
Assistance and Technical Assistance awards. (See full release)
GAFCU will use the funds to hire a new loan officer/member
service representative who will be specially trained to assist members with
credit issues. Members will receive assistance to get back on track meeting
their financial needs and will be offered concentrated financial counseling.
"This is a nice accent to our current product and service
offering for members in financial distress,” said GAFCU CEO Faye Crocker.
Crocker notes that it will add to current member services
such as Fresh Start Checking, Quick Cash Advance Loan – a payday alternative
product – plus free and confidential financial counseling from Balance. Greater
Abbeville is the only South Carolina credit union to receive this grant. Earlier
this year, the credit union applied for and received CDFI certification from
the Treasury Department.
"CDFIs play a unique role in creating jobs, generating
economic growth and revitalizing neighborhoods in America’s low-income and
economically-distressed communities,” said Treasury Deputy Assistant Secretary
Don Graves. "Building on nearly two decades of Treasury support for CDFIs, the
awards announced today will allow these financial institutions to better meet the
investment and lending needs of the communities they serve.”
For more information on the CFDI Fund go to http://www.cdfifund.gov/.