Visalia-based Tucoemas Federal Credit Union has received a $1.8 million federal grant it plans to deploy as small personal loans. Photo contributed

Visalia-based Tucoemas Federal Credit Union has received a $1.8 million federal grant it plans to deploy in the form of small, personal loans.

The amount represents the maximum amount under the Rapid Response Program, administered by the Community Development Financial Institutions Fund from money provided by the U.S. Treasury Department.

The grant is part of a total of $1.25 billion in Covid-19 relief funds to Community Development Financial Institutions across the country. Of the 863 CDFI organizations receiving funding, 244 credit unions received $401.8 million in awards ($20.7 million of which were to 13 credit unions in California), according to the California Credit Union League.

The grant allows Tucoemas to provide greater access to personal loans up to $5,000 (called “RISE Loans”), with an easy application process and same-day approvals.

The Tucoemas RISE Loans are available to everyone and are intended to inject capital into local communities. CEO Brice Yocum says, “We have all been affected by the pandemic, and now we must rise together in these challenging times. This grant allows us to provide even more financial resources to everyone in our community.”

“As a Minority Depository Institution (MDI) this grant gives us additional tools in fulfilling our mission to serve communities that are typically underserved and are experiencing financial setbacks due to the pandemic,” says Meredith Ritter, Tucoemas chief financial officer.