AltaOne Federal Credit Union has been certified by the U.S. Department of the Treasury as the first community development financial institution headquartered in Kern County.
The Ridgecrest-based financial institution announced the certification Wednesday, saying the designation will allow it to receive grants from the federal Community Development Financial Institutions Fund, which received $214.5 million from Congress this fiscal year. There are fewer than 150 CDFIs in California.
“We proudly accept this designation, and we will continue to provide needed financial services, educational opportunities and affordable lending in our communities,”CEO Stephanie Sievers said in a news release.
The certification specifically designates AltaOne’s CDFI for an investment area serving low-income target populations in Inyo, Kern, Los Angeles, Mono, Orange, San Bernardino and Tulare counties in California, plus in Mojave County in Arizona.
CDFIs in general provide access to capital in poor and disadvantaged communities.
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