CoastHills CU CEO Paul Cook and Board of Directors Chair Kris Andrews recently met with Rep. Salud Carbajal (D-CA) to recognize his support in securing significant funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Fund
The press conference and celebration at the credit union’s headquarters also recognized the credit union’s support for low and moderate-income households and small businesses along the Central Coast.
Earlier this year, CoastHills CU was awarded more than $600,000 in Financial Assistance grants and $2.4 million in Equitable Recovery Program grants.
“More than 70 percent of the loans we fund are to low-to-moderate income households, which is why we’ve dedicated significant time and resources to becoming a Community Development Financial Institution,” Cook said. “The CDFI grants allow us to expand our efforts to provide products and services that reflect the needs of our diverse community.”
CoastHills also funded 1,032 Small Business Association (SBA) Paycheck Protection Program (PPP) loans offered through the CARES Act, providing more than $55 million to local businesses throughout the Central Coast in 2020 and 2021.
The recent grant funds will be used to increase lending efforts to low-to-moderate income households and businesses in the credit union’s five-county footprint over the next five years.