MIDLAND, MI (December 10, 2024) |
Members First Credit Union (M1) is excited to announce it has received a $201,192 Community Development Financial Institution (CDFI) Small Dollar Loan Program grant. This funding will enhance the Whatever Loan program, first launched in 2008 to provide low-dollar loans of up to $1,000 as a safer alternative to high-cost borrowing. Initially offered seasonally during the holidays, the program expanded to a year-round service in 2022, increasing its accessibility to members in need.
As a CDFI-certified institution, Members First is dedicated to empowering underserved communities by offering accessible, affordable financial products that help members avoid predatory lending. The grant will allow the credit union to offset the costs of higher-risk loans, enabling it to continue providing safe, manageable financial support to more members, including those with lower credit scores, and further strengthen the financial well-being of local communities.
“We are incredibly grateful for the CDFI grant, which strengthens our Whatever Loan program and allows us to serve our members more effectively,” said Kristen Williamson, Community Relations Leader at Members First Credit Union. “This funding not only provides safe lending options but also supports our mission to uplift and empower our community.”
The Whatever Loan program has supported 32,853 members over the past five years.
For more information or to apply, visit mfcu.net/whateverloan.