Photo courtesy U,S, Treasury Department.

A Manatee County credit union accepted $2.1 million in federal funding as part of a national effort to expand small business access to capital. Financial Access Federal Credit Union was among 603 institutions nationwide to receive a grant, and the only one in Southwest Florida.

“We’re grateful for this support and excited to explore creative funding strategies, empowering financial and technical support during our recovery from the pandemic,” said Sherod Halliburton, Financial Access CEO.

Halliburton said the grant will substantively expand lending and investment opportunities to small businesses, employers and employees. He said the funding will aid the credit union's mission to champion equitable access to capital and innovative credit and money management tools.

In April, Vice President Kamala Harris and Deputy Treasury Secretary Wally Adeyemo announced a round of $1.73 billion in grants to Community Development Financial Institutions as part of the federal Equitable Recovery Program. That was a program first authorized in 2021 in the wake of the COVID-19 pandemic. The money is earmarked for low- and moderate-income communities and for borrowers “with significant unmet capital and financial services needs” because they were disproportionately affected by the pandemic.

“When we invest in community lenders, we help build a future where all people—no matter who they are or where they start—have the resources they need not only to succeed but to thrive,” Harris said when the funding was announced in early April.

“These grants—representing the largest CDFI grant program in history—will enable hundreds of community lenders to invest in small businesses and entrepreneurs, and also provide home loans for families, financial services for local nonprofits, and capital for community organizations.”

A total of 19 Florida institutions were included the funding, cumulatively receiving more than $43.5 million. While four institutions in Tampa made the cut, Financial Access was the only Gulf Coast credit union south of the Sunshine Skyway to benefit this year.

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

He noted providing access to capital for small business is more important during times of economic uncertainly.

“Our members depended on us to keep their businesses going, hold onto their homes, and deal with medical bills,” he said. “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.”

Photo courtesy U,S, Treasury Department.