Ravalli County Credit Union (RCCU) has been awarded $560,000 from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Fund, which will allow them to expand their services to underserved individuals in Ravalli County.
RCCU created an Empowering Ravalli Women (ERW) initiative that is focused on supporting rural women and children in Ravalli County—whether in domestic violence shelters/safe houses or hard-working female heads of household. The initiative creates short-term and long-term impacts for female heads of households and mothers by extending access to financial inclusion products and services as a first step to building long-term sustainability, primarily by expanding lending for credit challenged or low-income individuals.
“With this award, we’ll be able to assist even more of our financially struggling community members, especially female heads of household and those seeking to break free from unsafe situations. We’re proud to provide accounts and affordable loans to those who have otherwise had to resort to predatory lenders, pawn shops and check cashers,” said Darci Parsons, President and CEO of Ravalli County Credit Union.
RCCU has been continuously growing over the last 66 years. It is open to all residents of Ravalli County. The credit union continuously strives to meet its mission statement of: creating beneficial, life-long financial relationships for its members and community. Additionally, it has been a strong supporter of SAFE and has increased its community support of other non-profit organizations within Ravalli County.
The CDFI Fund was established in 1994 to boost lending and community development through certified lenders, allowing them to expand their reach into in economically underserved communities to generate growth and opportunity. CDFI Certification is awarded to financial institutions that have demonstrated a primary mission of serving low-income individuals and a proven history of providing financial services/products in communities that historically have lacked access to traditional banking services.
Ravalli County Credit Union has $76 million in assets and over 5,700 members, with branches in Hamilton and Florence. Founded in 1957, it is open to all residents in Ravalli County. It has a has a Low-Income Designation from the NCUA and received CDFI Certification in 2019.