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U.S. Treasury awards $8.8 million to local credit unions for COVID economic relief

Posted at 1:09 PM, Jun 25, 2021
and last updated 2021-06-25 13:09:45-04

LEON COUNTY, Fla. (WTXL) — U.S. Rep. Al Lawson (FL-05) announced Friday that the U.S. Department of Treasury has awarded more than $8.8 million in COVID-19 relief to five Leon County credit unions.

The $8,805,060 will provide the necessary capital for financial institutions to respond to economic challenges created by the pandemic, particularly in underserved communities, according to Rep. Lawson.

“The economic fallout of the past year has had a severe impact on businesses in Florida’s
Fifth District,” Rep. Lawson said. “This funding will allow our local financial institutions to better assist homeowners and businesses as we begin the process of rebuilding. I am pleased to see funds I worked to secure headed to assist the economic recovery of our community.”

Funds for Florida’s Fifth Congressional District:

  • Envision Credit Union: $1,826,265
  • Flag Credit Union: $1,826,265
  • Florida A&M University Credit Union: $1,826,265
  • Florida State Credit Union: $1,826,265
  • Tallahassee-Leon Federal Credit Union: $1,500,000

The money will be used to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable community development Financial Institutions to build capital reserves and loan-loss reserves.

Funds were awarded under the Treasury’s Community Development Financial Institution
Rapid Response Program. For more information about the CDF Fund and its programs, you can learn more by clicking here.