For Immediate Release
Contact: Mayra Avila
Phone : (773) 843-8482
April 24, 2023
United Credit Union Awarded $1.7 Million Grant from the U.S. Department of the Treasury’s CDFI Equitable Recovery Program
Credit Union to Assist Borrowers Financially Affected by the Pandemic
CHICAGO – Due to the challenges of the COVID-19 pandemic, many individuals and families were left “economically vulnerable“ with challenges to meet their financial obligations, such as paying rent or
buying food. Today, United Credit Union announced it will receive $1,735,187 in grant funds to provide affordable products and services to the financially disadvantaged.
“We’re passionate about empowering our communities and this grant will help us make a real difference,” said United President and CEO Mario Aguirre. “This past year, we achieved record highs in asset size, loan and deposit growth, and membership growth. These achievements are made because we put our members, and our communities that we serve, first. We are looking forward to partnering with more
community members as we deploy the funds from this grant.”
The funds were awarded by the Community Development Financial Institution (CDFI). United is one of 13 credit unions in Illinois to receive the grant as part of the CDFI’s Equity Recovery Program.
United works to promote economic growth and development in low-income and underserved communities in the Chicago area. The credit union will use the funds to support their lending and
investment efforts, as well as assist borrowers who were negatively impacted by the economic effects of COVID-19. As a CDFI credit union, United provides affordable loans with lower interest rates and fees compared to traditional financial institutions.
“Access to affordable financial services is crucial for underserved communities, and we’re proud to be making a difference,” Aguirre said. “We believe financial inclusion and empowerment are cornerstones of a strong, healthy community.”
United Credit Union is a CDFI-certified credit union headquartered in Chicago, IL. It is also designated as a Minority Depository Institution. It was founded in 1930 to serve school teachers during the Great Depression, and now holds a community charter to serve all residents of Cook County, IL. Its mission is to be a financial partner for life by conveniently providing a full range of competitive products and services in an environment of extraordinary service.