Greylock Federal Credit Union will be expanding community development programs with the help of $686,000 in grant funds from the Community Development Financial Institutions (CDFI) Fund. The CDFI Fund awards grants of up to $2 million to help certified CDFIs sustain and expand products and services to low-income communities and disadvantaged businesses. Greylock was certified as a CDFI in 2015 by the U.S. Treasury Department.

Greylock will use the CDFI grant funds to supplement its rollout of almost $8 million of “New Road” auto loans that help borrowers avoid predatory car loans; $2 million in small business loans to create new jobs in Berkshire County; and $750,000 in “Safety Net” loans, an alternative to predatory payday loans. The grant funds will also help support Greylock’s financial literacy education initiatives.

Greylock pursued the CDFI certification to expand services and address the needs of low- to moderate-income families in Berkshire County, where 20 percent of families with children under age 5 live in poverty. To receive this certification, Greylock demonstrated that its primary mission is promoting community development and providing development services in conjunction with their financing activities. One of the benefits of CDFI certification is access to financial grants from the CDFI Fund.