Seattle-based Verity Credit Union, with a local location at 8533 Greenwood Ave N, is becoming a Community Development Financial Institution (CDFI) to better support members with low to moderate incomes. The credit union recently announced it was awarded a $383,223 grant from the Small Dollar Loan program administered by the US Treasury to combat predatory lending, providing critical financial resources to underserved communities.
This grant allows Verity to help individuals build credit and gain access to an alternative option to high-cost small dollar lending, currently targeting unbanked and underbanked communities. Verity will utilize the grant to develop a small-dollar loan program, offering unsecured loans up to $2,500 with no prepayment penalty and the opportunity to repay in installments. This initiative empowers individuals to build credit and manage finances effectively, aligning with Verity’s mission to close the wealth gap.
“We are thrilled to receive this grant and continue to empower our members with access to needed financial services and solutions, especially those who have been unfairly targeted by predatory lenders,” said Tonita Webb, CEO of Verity Credit Union. “This funding will allow us to provide a vital financial lifeline and equip our community with the tools they need to achieve long-term financial stability.”
The addition of the SDL program furthers Verity’s commitment to serving the community, expanding the support it offers through its Microgrant Program, Limited Equity Co-op loans, and partnerships with organizations like Zest AI and Business Impact NW. Verity also offers a range of innovative programs and services, including reduced overdraft fees, bicycle loans, solar loans, no-minimum Certificate of Deposit programs, and small business loans.
Verity Credit Union is one of Washington State’s longest-standing credit unions, putting people, the planet, and prosperity for all above the bottom line.
