Community CU Awarded $1.8 Million CDFI Rapid Response Program Grant

Pictured left to right from Community CU: Andrew Lunn, EVP; Betsy Sibley, VP of Marketing; JoAnn Jackson, VP of Financial Operations; Liz Campbell-Brown, AVP of Financial Operations; Jennifer Hogan, President/CEO; Marcel Gagne, Board Chair; and Elizabeth Keene, Board Vice Chair.

The U.S. Department of the Treasury recently awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs)—including Community CU. The grants are part of the CDFI Rapid Response Program, which provides CDFIs with the capital they need to respond to economic challenges created by the COVID-19 pandemic.

The credit union received a $1.8 million dollar grant to support lending programs, financial education, and more for underserved populations in Androscoggin County.

“Our team is committed to our mission to provide financial services to ensure stability for all members, employees, and communities at all stages of life,” said Jennifer Hogan, President/CEO of Community CU. “As a small credit union, these CDFI funds allow us to continue that work. We are overwhelmed with joy at the opportunity these grant funds are providing for our members and the entire community.”

Since its creation in 1994, the CDFI Fund has awarded more than $3.9 billion to CDFIs, community development organizations, and financial institutions. Community CU received its CDFI status in 2020. This is the credit union’s first grant award.