For the second time in six years, Natco Credit Union has won a grant from the U.S. Treasury Dept.'s Community Development Financial Institutions Fund.

The $80 million-asset Natco will use the $776,500 grant award to expand its affordable used-auto loans to lower-income and credit-challenged consumers, and to grow its low-fee and low-rate Secured Credit Card program.

Cynthia Duke, president and CEO of Natco Credit Union
Cynthia Duke, president and CEO of Natco Credit Union

In 2012, Richmond, Ind.-based Natco was recognized with a $313,606 Treasury CDFI grant. This grant was used to create the Natco Community Empowerment Center which serves the lower-income people living in Wayne and Fayette counties.

“Our staff continually looks for opportunities to share information about our loan alternatives,” Cynthia Duke, president and CEO of Natco, said in a press release. “We are excited that this grant will allow us to reach more people with our predatory lender alternative solution.”

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.