Akron Reporter

WASHINGTON, D.C.— On April 28, U.S. Representative Emilia Strong Sykes (OH-13) announced the U.S. Department of the Treasury has awarded $5,537,395 to three Community Development Financial Institutions (CDFIs) in Ohio’s 13th District to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.

Grant recipients in Ohio’s 13th District include:

• Buckeye State Credit Union, Inc. (Akron): $2,478,839
• Canton School Employees Federal Credit Union (Canton): $2,478,839
• Western Reserve Community Fund, Inc. (Akron): $579,717

“These grant funds will ensure more people in Ohio’s 13th District have the resources they need not just to succeed, but to thrive,” said Rep. Sykes. “By investing directly into our communities, we are expanding opportunity and creating an economy that works for all, no matter who you are or where you live.”

“Buckeye State Credit Union is proud to continue serving Akron and the greater Northeast Ohio communities as a certified community development financial institution (CDFI). We pride ourselves in delivering financial products and services to the underserved communities that feel left behind by others. It is our commitment to continue being a banking alternative to all those who seek to be part of something Unapologetically Different while continuing to serve as a community partner in the neighborhoods that we work and live in each and every day. This year’s CDFI grant award is an invaluable resource to assist us in driving the credit union mission of People Helping People,” said Michael F. Abernathy, Jr., President and CEO of Buckeye State Credit Union.

“Canton School Employees (CSE) Federal Credit Union is committed to helping all people in Stark County achieve financial strength. As a credit union, whose sole purpose is to serve our members and community with access to reasonable and affordable financial products and services, receiving grant funds as a CDFI better equips us to make a lasting impact. Economic strains continue to burden many in Stark County; these funds afford us more opportunities to create critical and meaningful access to credit for those who need it the most,” said William T. Wittig, President and CEO of CSE Federal Credit Union.

“As a locally focused Community Development Financial Institution, Western Reserve Community Fund (WRCF) is thrilled to have additional capital to increase our financial products that support business owners and nonprofits who are overcoming significant challenges to establish and grow their organizations in communities with long term disinvestment. WRCF will pair this grant with its other public and private funding to specifically increase our investment in minority-owned businesses (70% of our portfolio) and the creation of affordable housing in Akron, OH,” said Rachel Bridenstine, Vice President of the Development Finance Authority of Summit County.

This grant is funded through the Community Development Financial Institutions Equitable Recovery Program (CDFI ERP). Authorized by the Consolidated Appropriations Act, 2021 (Pub. L. 116-260) to respond to the economic effects of the COVID-19 pandemic, CDFI ERP is designed to:

• Provide funding to Certified CDFIs to expand lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.
• Catalyze growth in the financial and organizational capacity of CDFIs for the purpose of carrying out equitable recovery activities.

Original source can be found here.