Verity Credit Union receives second grant from the U.S. Treasury to serve marginalized communities
CDFI Fund Grant Empowers Development of Financial Services for Marginalized Communities
SEATTLE, WA (October 21, 2024) — Verity Credit Union, a leading $859 million asset financial institution in Seattle focused on socially responsible, community-rooted banking, announced today that it has received a $725,000 Financial Assistance (FA) grant from the U.S. Treasury’s Community Development Financial Institution (CDFI) fund, providing monetary services and products for low-income and underserved individuals.
This grant further empowers Verity to continue deepening its mission as a Community Development Financial Institution (CDFI), serving communities that have been historically excluded from inclusive and affordable financial services. The FA grant was awarded to 357 CDFIs, including Verity, to empower them to grow, achieve organizational sustainability, and contribute to revitalizing low-income and distressed communities nationwide. The FA awards have previously resulted in business creation and growth, new jobs, affordable housing development and increased homeownership, and increased financial services for individuals and communities in need nationwide.
Verity will deploy the funds from this grant to deepen its support of historically marginalized small businesses, including establishing an initiative to provide economic opportunities through microbusiness lending, breaking the poverty cycle.
We are thrilled to receive this grant and to continue fortifying our mission of showing up for communities who have been unfairly excluded from accessing capital, building wealth, and entering into mainstream financial services,” said Ziquora Banks, Chief Impact Strategy Officer of Verity Credit Union. “This funding will allow us to enact specific initiatives for local small businesses, addressing the socio-economic realities of the wealth gap experienced across the U.S.”
This new CDFI grant funding furthers Verity’s commitment to serving its community, also demonstrated through partnerships with organizations like Zest AI and Business Impact NW, as well as innovative initiatives like Limited Equity Co-Op loans and its Microgrant program.
About Verity Credit Union
Verity Credit Union is one of Washington State's longest-standing credit unions, putting people, the planet, and prosperity for all above the bottom line. Our mission is to make meaningful, positive, and lasting change by partnering with our members and communities to co-create solutions. As a socially responsible financial institution, about 87% of our deposits support the local economy and members with loans big and small to improve the well-being of businesses and individuals, especially those who have been historically left out of the financial system. We are one of few financial institutions with a Black woman CEO and a leadership team and board that identifies predominantly female, allowing us to embody the change we're working towards. Together, we can create stronger, healthier, more sustainable communities by making people-centric decisions.
