Travis Credit Union secures community grant funding
Travis Credit Union has been designated for Community Development Financial Institutions funding to help with financial literacy and other programs.
Vacaville-based Travis Credit Union secured $800,000 in community grant funding last month to help low- to moderate income households.
The funding will help the financial institution with a service region spanning 12 Northern California counties.
Since it met the necessary qualifications under the federal Community Development Financial Institutions program nine years ago, Travis Credit Union’s total CDFI funding now adds up to $6.8 million.
The money is earmarked to fund staffing, equipment, outside contractors and a quasi reserve to cover local programs that support efforts to boost financial literacy, affordable lending and economic mobility to underserved communities. The “reserve” portion of the funding allows the credit union to take on high-risk loans that other financial institutions might pass over.
Among approximately a dozen programs, credit union members can take a financial literacy class as well benefit from credit repair and legal assistance offerings.
Having such programs helps a member-customer move forward and out of challenging financial circumstances.
“People hear low income, and they have this image of public housing. But perception should not mean a stereotype,” President and CEO Kevin Miller said. “This is a way we’re able to do things to lift up the community and help it improve.”
Beyond dealing with economic hardship, some people are also grappling with the psychological struggles related to asking for help.
“We see it over and over again. Sometimes people are ashamed to ask (for help). The hardest thing for people to overcome is going from ‘I don’t control this’ to ‘I can control something,’” Miller said.
Miller noted how many people may find themselves in a situation with diminished income, perhaps sparked by a health care crisis or a prolonged period of inflation.
“We talk to them about this. Financially where they are today can be different than where they were or where they want to be,” he said. “Everything involves a plan.”
With $5 billion in assets, Travis Credit Union was founded in 1951, taking root on Travis Air Force Base.
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