The Department of the Treasury's Community Development Financial Institutions Fund awarded Seattle Metropolitan Credit Union a $280,000 Project Grant under the Small Dollar Loan Program (CFDA 21.025). The grant will enable the credit union to establish a loan loss reserve and receive technical assistance to develop and maintain a small dollar loan program through December 2024. The Small Dollar Loan Program aims to increase affordable alternative lending to underbanked and unbanked populations to help them build credit and access mainstream financial services. Specifically, the funding will defray costs of establishing and maintaining the credit union's small dollar loan portfolio and support related technology, staffing, and eligible activities. No subrecipients are involved in delivering loan and technical assistance services under this award.
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