Park Community Credit Union awarded 2 major grants as new CDFI
LOUISVILLE, KY (July 19, 2021) — Louisville-based Park Community Credit Union has recently been awarded multiple grants, totaling several million dollars, as part of their ongoing work as a Community Development Financial Institution (CDFI.) A CDFI is defined by the U.S. Department of the Treasury as a financial institution with a mission to deliver fair and affordable lending to low-income and economically distressed communities. As the only credit union in Kentucky with a CDFI designation, and the largest CDFI in the state, Park Community is in a unique position to access funds to deploy into the underserved areas of Kentucky that need it most.
In March 2021, Louisville Metro Government awarded Park Community $2.2 million in funds to assist small businesses that have been financially impacted by the COVID-19 pandemic. Approximately 50% of the funds are being distributed as grants to small businesses located in or predominantly serving West Louisville, Smoketown, and Shelby Park. The remaining half is being distributed as loans to any small business located in Louisville with preference given to minority-owned or women-owned enterprises.
In June, Park was awarded $1,826,265 in CDFI Rapid Response Program (RRP) funds. The RRP was designed to quickly deploy capital to certified CDFIs, such as Park, that have the resources necessary to rapidly respond to the economic impacts of COVID-19 in distressed and underserved communities. This includes funding to keep businesses open and help struggling families recover from the effects of the pandemic.
“Park Community is honored to be entrusted with these funds and subsequent missions.” said Jim Spradlin, President & CEO of Park Community Credit Union. “It has long been our mission to make fair and affordable financial services, products, and education available to all communities across Kentucky. We want to invest in these communities and we could not ignore the call for help after the financial hardships of the COVID-19 pandemic.”
About Park Community Credit Union
Park Community was established in 1965 to serve the employees of General Electric’s Appliance Park in Louisville, Kentucky. While the members we are able to serve have changed over the years, our mission to provide exceptional service and a full range of financial products has not. As Kentucky’s largest Community Development Financial Institution (CDFI), our philosophy continues to champion the credit union motto of “people helping people”. For more information, please visit parkcommunity.com, or follow us on Facebook at facebook.com/parkcommunitycu and TikTok at tiktok.com/@parkcommunity.
