New Orleans Firemen’s to Deploy $7 Million in ECIP Grant Funding in Its Communities

 METAIRIE, La.– New Orleans Firemen’s FCU said it will be deploying $7 million into its communities after receiving the funds from the Treasury Department’s Emergency Capital Investment Program.

The $259.6-million NOFFCU noted the investments are designed to support the efforts of community financial institutions to, among other things, provide loans, grants, and forbearance for small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled the most during the COVID-19 crisis.

The investments made by Treasury are expected to be used for a range of purposes, said NOFFCU, which did not indicate how it specifically plans to deploy the funds. The credit union is a CDFI.

At the time the ECIP awards were announced, Treasury Secretary Janet Yellen said, “These essential funds provide an opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks.”

New Orleans Firemen’s FCU has more than 28,000 members across Louisiana and Mississippi and is the second oldest federally insured credit union.