The Municipal Employees Credit Union of Baltimore received a $2 million U.S. Treasury Department grant to increase lending and investment in low-income areas.
The award, from Treasury's Community Development Financial Institutions Fund, will assist MECU's efforts to improve financial stability and finance education in Baltimore. MECU was one of 22 credit unions to receive the award.
Specifically, MECU plans to use the award to reach out to people who do not have bank accounts, to promote asset building and to increase funding for risk-based lending.
"I am very proud of this award and MECU's continued focus on community service and improving the financial lives of our members," MECU Board Chair Herman Williams said in a statement. "This is what the credit union movement is all about 'people helping people.'"
MECU has assets of $1.2 billion and about 113,000 members in Baltimore City and Baltimore County.
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