Many of us take our banking privileges for granted, but some hard-working people in Pierce County have not received the economic opportunities they deserve. TAPCO Credit Union wants to change that and make a difference in the lives of their members, consumers, and community. Through their new certification as a Community Development Financial Institution, TAPCO Credit Union is now eligible to apply for grants from the US Treasury Fund to assist in this goal.
According to Justin Martin, CEO of TAPCO CU, “TAPCO plans on leveraging this certification to obtain grant funding to further expand our products and services to address areas of inequity in our community. We will be diving into the data looking for the biggest gaps of those underserved.”
Prosperity for Women is one program TAPCO is already researching. Aimed at assisting women single heads of households living at or below poverty level, which in some zip codes in Pierce County is as high as 70%, the program will look to open financial lines to many that the financial system has historically underserved.
TAPCO is also focused on creating a more robust small business program aimed at deploying capital more equitably to BIPOC and Woman Owned Businesses. Conversations with community stakeholders, such as the Tacoma Urban League, are providing needed insight into where the funding is needed the most. “We want to listen not prescribe, so we’re working with local organizations to build a program that addresses issues in new and innovative ways,” said Martin.
The CDFI designation is only available to organizations that have proven they provide financial services and products in communities that lack access to traditional banking services. CDFI Certification is granted with the purpose of generating economic growth and opportunity in some of the nation’s most distressed communities. Established in 1994, the CDFI Fund boosts lending and community development through their certified financial institutions with grant funds.
Founded in 1934, TAPCO Credit Union is Pierce County’s oldest credit union, with membership available to anyone who lives, goes to school, works, or worships in the State of Washington.
For more information about TAPCO visit www.tapcocu.org