Helena, MT – June 22, 2021 – The U.S. Department of Treasury recently announced recipients of COVID-19 relief funds to community development financial institutions (CDFIs), and Vocal Credit Union (Vocal), along with two other credit unions in the state, made the list to receive this vital funding. Vocal was granted $1.8 million through the Treasury’s CDFI Rapid Response Program (RRP). This funding will support the credit union in responding to economic challenges brought on by the COVID-19 pandemic in the communities it serves.
“We are thrilled to have been selected to receive these funds, which will enhance the support we can provide to the community and those who have faced setbacks from the global pandemic,” said Eddie Black, CEO of Vocal Credit Union. “Our credit union is proud to be a certified CDFI dedicated to servicing all members of the community, including our members of modest means. These funds will enable us to better help our community members and local businesses.”
The funds granted to Vocal will be utilized by the credit union to support eligible activities such as financial products, financial services, development services, certain operational activities, and to enable CDFIs like Vocal to build capital reserves and loan-loss reserves. The CDFI Fund designed the program to disburse the funds rapidly in light of the nationwide economic impacts of the COVID-19 pandemic.
“Vocal Credit Union is a standout organization that takes an active role in our state’s credit union movement,” said Tracie Kenyon, President and CEO of Montana’s Credit Unions. “As one of only five CDFI credit unions in Montana, they are a leader in community outreach, service, and finding new ways to reach the people who are in search of that helping hand to offer them a chance at achieving their financial and life goals. I know that Vocal will use these funds to help their communities and members recover from this past challenging year – and better yet, set them on the road to continued success.”
About Vocal Credit Union
Vocal Credit Union is a cooperative, not-for-profit financial institution owned and controlled by its members. It serves all those who live, work, worship, or attend school in Lewis and Clark, Jefferson, Meagher, and Broadwater Counties. As a member owned financial cooperative, Vocal listens to and services the needs of every member.