U.S. Treasury Awards $2 Million to Pelican State Credit Union
BATON ROUGE, LOUISIANA – Pelican State Credit Union, along with credit unions across America, experienced a record-breaking year receiving a combined $30 million in Community Development Financial Institutions (CDFI) Fund grants from the U.S. Treasury. Of the 21 credit unions awarded grants for 2015, CDFI grant writing firm CU Strategic Planning helped Pelican State Credit Union receive $2 million.
Pelican will use the funds to continue its nationally award-winning HELPinitiative - a comprehensive services and lending program designed to move low-income residents from debt to asset building. The HELP program is an acronym that stands for Helping Empower Louisiana’s Poor.
According to CU Strategic Planning Founding Partner Jamie Strayer, Pelican State Credit Union is one of a group of elite and visionary credit unions with unique products and partnerships to make their communities a better place to live for hard working people and low-income families.
“We are thrilled that our efforts to provide credit opportunities to underserved areas will be enhanced and supported by the US Treasury. This grant will allow us to expand our reach of providing affordable credit to Louisiana residents of modest means in underserved areas,” said Jeffrey K. Conrad, Pelican CEO/President.
Pelican is one of two Louisiana based credit unions to receive funding this year. This marks the second federal grant awarded to Pelican and fulfills 100% of the funding requested by the credit union.
“There’s no doubt that credit unions change people’s lives,” said Stacy Augustine, CU Strategic Planning CEO. “We see the real impacts in consumers lives and how it’s used to revitalize entire communities. With this grant Pelican State Credit Union will be able to stretch further, doing even more to make the state of Louisiana a better place to live. Everyone here at team CU Strategic Planning loves working with Jeffrey K. Conrad and the Pelican State Credit Union staff. We are honored to have just a small part in the extraordinary work they do for their members on a daily basis.”
“These funds help specialized, community-based financial institutions like Pelican spur local economic growth and recovery, as well as have a significant impact on improving individual lives and our branch communities by expanding access to affordable financial products and services,” Conrad added.
The Department of Treasury established the Community Development Financial Institutions Fund in 1994 to provide credit, capital and financial services to underserved populations. Including this round, the CDFI Fund has awarded just over $1.5 billion through the CDFI Program.
For over 58 years, Pelican State Credit Union has been providing financial services to individuals and their families throughout the state of Louisiana. The credit union is dedicated to improving the lives of its members through safe, competitive products and educational services. Pelican was originally chartered as the Department of Hospitals Credit Union, located in downtown Baton Rouge, to serve Louisiana charity hospitals, mental health centers and state office personnel. Pelican has since grown into one of the largest state chartered credit unions in Louisiana now serving over 40,000 members nationwide. For information, visit pelicanstatecu.com. Looking for a career at a company who cares? Connect with Pelican State Credit Union on LinkedIn today: linkedin.com/company/pelican-state-credit-union.
About the Community Development Financial Institutions Program (CDFI Program)
Since its creation in 1994, the CDFI Fund has awarded over $1.5 billion in FA and TA awards through the CDFI Program. Through the CDFI Program’s Financial Assistance (FA) and Technical Assistance (TA) awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations known as Community Development Financial Institutions, or CDFIs. These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process. Of the 374 applications received in 2015, 152 awards were made for more than $160 million in grants in 40 states and the District of Columbia. Learn more about the CDFI Fund and its programs at www.cdfifund.gov.