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Genesee Co-op FCU awarded $2 million investment from US Department of Treasury
Genesee Co-op FCU awarded $2 million investment from US Department of Treasury
Genesee Co-op Federal Credit Union has received a $2 million secondary capital investment from the U.S. Department of Treasury’s Emergency Capital Investment Program.
The ECIP program was announced as part of the economic stimulus package in late 2020 and is intended to help Community Development Financial Institutions and Minority Designated Institutions to meet the needs of their communities and expand access to affordable, responsible and sustainable financial products and services.
In particular, the program targets small businesses, low-income consumers and communities of color, who were heavily impacted by the COVID-19 pandemic.
“This investment from the Treasury Department is critical for our credit union and the communities we serve here in Rochester,” said Melissa Marquez, Genesee Co-op FCU CEO. “This secondary capital will help the credit union grow and expand our services, especially to those who will benefit from financial education and need first opportunities and second chances for saving and borrowing.”
Genesee Co-op FCU was one of nine funding recipients in New York. Other credit unions outside of the New York City Metro area that received investments were Alternatives Federal Credit Union in Ithaca, Southern Chautauqua Federal Credit Union in Lakewood and Heritage Financial Credit Union in Middletown.
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