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.
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.”