League-Partner Ecority Poised to Help CUs Become Nationwide Leaders in Green Lending with $14B+ Grant Application

A green-lending initiative supported by your League has formally submitted an application in pursuit of funding through the Environmental Protection Agency’s Greenhouse Gas Reduction Fund (GGRF).

League President/CEO Carrie Hunt is serving on an advisory board for Ecority, an independent nonprofit seeking to secure for credit unions and Community Development Financial Institutions a share of funding from a $27 billion fund at EPA. Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union.

“I’m proud of how credit unions and industry partners came together through Ecority to seize this unique opportunity. I wanted to ensure the Virginia League took a leadership role in this initiative, knowing what we could accomplish if credit unions are able to leverage GGRF funds in serving members and our communities,” said Hunt.

Your League recently approached Virginia's congressional delegation in hopes of soliciting their support for the credit union-backed initiative.

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CONTACT: 
Sharon Simpson
(240) 620-4095
sgsimpsonconsulting@me.com

November 7, 2023 (SAN ANTONIO, TEXAS) — Ecority, a nonprofit that has built a national coalition of credit unions and state-chartered green banks, applied to the $27B EPA-administered Greenhouse Gas Reduction Fund. The coalition is poised to catalyze the U.S. credit union sector to rapidly deploy clean energy projects at an unprecedented scale nationwide, with a focus on low-income and disadvantaged communities.

Ecority’s grant application, which includes an aggregate of $14.87B from the National Clean Investment Fund and Clean Communities Investment Accelerator Fund of the Greenhouse Gas Reduction Fund, has received the full endorsement of NAFCU and CUNA. Ecority’s coalition includes regional and state credit union leagues representing thousands of community lenders in every U.S. state and territory.

“This is a huge opportunity for credit unions to offer affordable financing to households who would benefit most from clean energy projects, while managing risk and diversifying their loan portfolios,” says Chuck Purvis, Interim CEO & Board Member of Ecority. “Ecority will use the grant to fund a guaranty pool and provide technical assistance, enabling credit unions to autonomously lend for more eligible projects at lower rates, and include borrowers who may not otherwise qualify.”

While the grant submission period has ended, interested credit unions may still apply to participate and potentially become subrecipients of grant funds through Ecority, by visiting ecority.org/register and submitting a letter of interest.

About Ecority
Ecority is an independent nonprofit established to specifically comply with the statutory requirements of the Greenhouse Gas Reduction Fund (GGRF). Its coalition includes credit unions, state and regional credit union leagues representing thousands of community lenders in every U.S. state and territory, and the nation’s largest state-chartered green banks, who will rapidly deploy clean energy projects at an unprecedented scale nationwide, with a focus on low-income and disadvantaged communities. Learn more at Ecority.org.