Local Credit Union is Awarded $2.1 Million to Support Small Businesses

April 21, 2023 – Sarasota

The Financial Access Federal Credit Union (Financial Access), a Treasury-certified Community Development Financial Institution, headquartered in Manatee County, was recently honored with a grant from the U.S. Department of the Treasury’s CDFI Fund. This grant will enable Financial Access to expand access to capital and opportunities for small businesses and employers in Manatee County. The CDFI program awarded $1.73 billion to 603 organizations nationwide. Financial Access is the only institution chartered in the Sarasota-Manatee region to be awarded this distinction. 

 “We’re grateful for this support and excited to explore creative funding strategies, empowering financial and technical support during our recovery from the pandemic,” says Sherod Halliburton, CEO of Financial Access. He adds that the grant will enable Financial Access to “substantively expand lending and investment opportunities to small businesses, employers and their employees to advance our work championing equitable access to capital, and innovative credit and money management tools. We’re honored to be recognized.”

Halliburton explains that Financial Access actively pursued the grant “to empower local entrepreneurs and small businesses, especially in our area’s low- and moderate-income sectors. Thanks to this grant, we can explore creative funding strategies and empower access to capital and technical support for our employment groups during our ongoing recovery from the pandemic. Improving our regional economic infrastructure and creating jobs are the ultimate goals.”

According to Halliburton, Financial Access’ core focus has remained unchanged since it was established as a not-for-profit financial cooperative in 1958. “Our mission is to strengthen the local community by partnering with local businesses and providing access to affordable, high-quality financial products and services,” he says. “That’s literally why we’re here.”

Bottom line?

“This grant will enable us to offer no-cost benefits to local employers to use for recruitment and retention,” says Haliburton. “And that will result in broadening the economic capabilities of our workforce.”

Halliburton adds that Financial Access’ mission remains the same in good times and bad. But, in hard times, its mission becomes vital for the members it serves. He recalls the pandemic crisis: “Our members depended on us to keep their businesses going, hold onto their homes, and deal with medical bills. I’m deeply proud of our team’s unfaltering commitment to community empowerment through financial inclusion. Funds from this grant will allow Financial Access to strengthen its mission. It makes a difference in our community — and we’re all honored.”

The awards were announced by Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo on April 10. Vice President Harris remarked that investing in community lenders leads to a more equitable and resilient economy. Secretary of the Treasury Janet L. Yellen also expressed that grant funds will help increase contributions to long-term economic growth.