Ironworkers USA Credit Union Receives $375,000 Grant from U.S. Treasury
Financial Assistance Grant to help underserved Union Ironworkers and families
Ironworkers USA Credit Union has been awarded a $375,000 Financial Assistance Grant from the U.S. Treasury Department’s Community Development Financial Institution Fund. Ironworkers USA Credit Union’s mission as a designated Community Development Financial Institution (CDFI) is to be a financial institution that is dedicated to providing financial services that meet the needs of economically disadvantaged individuals within underserved communities.
Being a CDFI has given Ironworkers USA Credit Union a tremendous opportunity to reach a community of hard-working individuals who are frequently placed in stressful financial situations. An incredible 69 percent of their members have “extremely low” to “moderate” income levels. “We truly embody the definition of a CDFI,” says Teri Robinson, CEO of Ironworkers USA Credit Union.
“One of the biggest financial challenges Ironworkers face, especially apprentices and young journeymen, is job security,” Robinson explains. “Ironworkers complete a project and then are often left without knowing when the next job will be, and these lapses without pay put them in financially difficult situations. With the assistance of the U.S. Treasury grant, we will be able to expand our outreach to more Ironworkers and offer products and services that will help them bridge this financial gap.”
Since expanding their field of membership in 2018, opening it up to all Union Ironworkers in the United States, the Credit Union has had the privilege of helping Ironworkers across the country, including in regions in Louisiana, Tennessee, Texas, Florida, and California that are considered persistent poverty counties. As a financial institution that is dedicated to exclusively serving Ironworkers and their families, their ability to serve the entire United States is vital because it allows them to track the challenges and needs of Ironworkers in different regions and offer products and services to meet those unique needs.
Currently, 54 percent of their membership has moderate to low incomes, and 15 percent have very-low to extremely-low incomes. Without the Credit Union, many of these workers and families would not be able to survive financially. “That’s why our first priority is financial education,” says Robinson. “Most Ironworkers lack basic financial literacy, and with financial education, Ironworkers can be better equipped to manage periods without income. Our second priority is to help underserved and financially distressed Ironworkers get a hold of their finances, continue working, or survive unplanned emergency expenses.”
“This grant from the U.S. Treasury is going to make a huge impact on our community,” Robinson says proudly. “It will allow us to increase our lending and operational capacity – all in the name of helping this important group of hard-working individuals who are critical to the literal building of our country.”
