Greater Kinston Credit Union Awarded $500,000 from CDFI Fund
Greater Kinston Credit Union on North Queen Street in Kinston. Photo by Junious Smith III / Neuse News
Greater Kinston Credit Union (GKCU) is pleased to announce it is the recipient of a $500,000 Financial Assistance (FA) award from the Community Development Financial Institutions (CDFI) Fund. GCKU is the only North Carolina-based credit union receiving a 2018 FA award, which will enable the cooperative to increase lending and financial activities, while expanding economic opportunities in their community.
To be eligible for the grant, Greater Kinston Credit Union had to qualify as a Community Development Financial Institution, a certification it received in 2014 by the U.S. Department of the Treasury’s CDFI Fund. Financing organizations must have a primary mission of promoting community development and provide development services in conjunction with its financing activities to receive this designation. The CDFI Program invests and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services.
GKCU is a community-based credit union and one of three state-chartered African-American credit unions in North Carolina continuing to primarily service its demographic member population. The cooperative’s membership base includes individuals who live, work, worship or attend school in Lenoir, Greene, Craven, Pitt, and Jones Counties and businesses, associations, and societies located in the same five-county area. In addition to aiding in the expansion of its lending programs and services, the CDFI designation has also helped GKCU develop strategic partnerships to better connect with the community.
“We are grateful and excited to receive such a generous award from the CDFI Fund,” remarked Shawn Wilson, CEO of GKCU. “This grant will greatly enhance GKCU’s ability and long-term mission of investing in the community and serving members with affordable financial services – it will bring incredible value to our economically distressed area.”
About Greater Kinston Credit Union
Greater Kinston Credit Union is a not-for-profit, full service financial institution committed to meeting the financial needs of its members since 1952. Serving residents of Lenoir, Greene, Jones, Craven, and Pitt counties.