|Manatee Community Federal Credit Union (MCFCU) has been awarded a $21,000 grant from the National Credit Union Administration (NCUA). NCUA awarded $871,597 in grants to 126 credit unions. Manatee Community received the third largest grant awarded. William Myers, Director of the Office of Small Credit Union Initiatives (OSCUI) stated in the NCUA press release, “The credit unions that receive these grants will be extending outreach, growing membership and improving income.”
The grant award will be used by MCFCU to launch its credit builder program which is a step-by-step program to build participants’ credit, savings, and financial viability. The grant also funds the launching of a Financial Wellness platform created by Emerge Financial Wellness, an innovative social enterprise based out of San Francisco, CA. “We are excited to provide a critical new employee benefit in partnership with MCFCU and area employers to help workers move beyond paycheck-to-paycheck living and begin to achieve their financial goals” said Jonathan Harrison, Emerge Founder.
MCFCU is a Community Development Financial Institution (CDFI) certified by the U.S. Department of the Treasury and is committed to socially responsible lending specializing in providing flexible financial services to hard working people in Manatee County. Pablo DeFilippi, Director of Membership at the National Federation of Community Development Credit Unions stated, “This award is a vote of confidence on the vision Manatee Community FCU has developed under its new leadership to more holistically address the needs of the community it serves, not only by expanding access to affordable financial services for the low income population in Manatee County but to transform itself into a vehicle to propel the economic development of the community as a whole. This grant also provides an opportunity for the Federation and Manatee Community to work together in scalability and sustainability models that can be embraced by Community Development Credit Unions (CDCUs) and credit unions at large.”
MCFCU is currently seeking employers interested in providing financial wellness benefits to its employees along with any organization servicing individuals that need help managing their finances. Enrollment in the financial wellness program is free to the employers and to their employees. All costs for participation will be covered by MCFCU through the grant.
MCFCU was founded as Tropicana Employees Federal Credit Union in 1958 and later expanded its charter to serve all of Manatee County in 2004. It boasts a Net-Worth Ratio of over 25%. This is more than double the industry average and over four times the Federal requirement. MCFCU’s high Net-Worth Ratio makes it one of the most highly capitalized credit unions in the country.