The Department of the Treasury's Community Development Financial Institutions Fund awarded $271,988 under the Small Dollar Loan Program (CFDA 21.025) federal grant to University Financial Corp, doing business as Sunrise Banks, on September 27, 2022. The grant will support the establishment and maintenance of a small dollar loan program through December 2025. Specifically, the funding will enable the certified Community Development Financial Institution to establish a loan loss reserve fund to defray costs and provide technology and staff support through technical assistance grants. The expected outcomes are an increase in small dollar lending to help the unbanked and underbanked populations build credit, access affordable capital, and allow greater access to the mainstream financial system. There are no subrecipients involved in delivering the program's services.
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