Earlier this month Altura Credit Union received official designation as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury (source: yelp)
Earlier this month Altura Credit Union received official designation as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury (source: yelp)

Overview: Altura Credit Union recently achieved federal certification as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury. Supported by Congressman Ken Calvert’s office, this milestone allows the credit union to expand affordable housing support, microloans, and financial literacy programs in Riverside County. To bolster these efforts, Altura has already secured a $150,000 technical assistance grant to aid Inland entrepreneurs.

Nyla Glover 

At a time when economic pressures and housing costs continue to shape life across the Inland Empire, Altura Credit Union officially received federal certification as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury this month. The milestone marks a major expansion of affordable financial resources, loans, and guidance for families and business owners across Riverside County. 

“At Altura, we’ve always believed our responsibility extends beyond banking,” said Jennifer Binkley, CEO of Altura Credit Union. “Our role is to strengthen the financial well-being of the communities we call home. Becoming a Community Development Financial Institution gives us new opportunities to expand that impact: helping more families, entrepreneurs, and underserved communities access the resources they need to build a stronger future.”

Altura Credit Union officially received federal certification as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury this month. helping more families, entrepreneurs, and underserved communities access the resources they need to build a stronger future.”

With Altura Credit Union having officially received federal certification as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury this month. It is committed to helping more families, entrepreneurs, and underserved communities access the resources they need to build a stronger future. (source: pexels.com)

The real-world impact of this designation is already underway. Altura has secured a $150,000 Technical Assistance grant through the CDFI Fund, applying a portion directly toward upgrading resources, technical guidance, and lending avenues for Inland entrepreneurs. 

The path to certification was supported through legislative facilitation by the office of Congressman Ken Calvert. “Every family and business in Riverside County deserves access to fair, affordable financial services,” Congressman Calvert stated. “That’s why my office was proud to work with Altura Credit Union and the Treasury Department to facilitate their certification as a Community Development Financial Institution. Altura has always been deeply rooted in our community, and this designation empowers them to reach even more underserved residents with the tools to acquire a home or auto loan, start a business, and build a stronger financial future.” 

To fully grasp the scope of this milestone, it is imperative to look at the specific avenues of investment the CDFI certification unlocks for the region. Those investment avenues include:

Affordable Housing Support: 

Expanding dedicated down-payment assistance and tailored resources for first-time homebuyers.

Small Business & Microloan Capital: 

Increasing accessible financing for local entrepreneurs and emerging commercial ventures.

Financial Empowerment & Literacy: 

Delivering targeted, one-on-one financial guidance and educational workshops for low- to moderate-income families.

Community Investment: 

Opening avenues for future federal grant dollars to drive sustainable economic growth across Riverside County. 

As a member-owned financial cooperative, Altura has consistently paired standard retail banking with local advocacy. This includes offering accessible and tailored loan products, checking and savings accounts, and personalized financial guidance. The CDFI certification strengthens Altura’s ability to expand access to these services among underserved individuals and communities throughout Riverside County. 

The Altura Foundation provides $10,000 grants through its Small Business Empowerment Grant program, specifically aimed at supporting local small businesses in the Inland Empire. The exact number of loans or grants awarded varies annually based on applications and funding availability.

Altura Small Business Loans Overview

The Altura Foundation’s initiatives focus on empowering local businesses. The Small Business Empowerment Grant program was initiated in 2020 to assist businesses during the pandemic. The program is funded by the Altura Foundation, a 501c3 non-profit organization. Each grant awarded is $10,000, aimed at local small businesses. 

Altura Credit Union emphasizes supporting economic growth and community impact in the Inland Empire.

Nyla Glover is a fourth-year English major at Cal State University, San Bernardino, and she is interning with the Inland Empire Journalism Hub and Fund. Dynamic storytelling and creating compelling narratives are her greatest passions. Nyla is eager to learn new skills in business and journalism, while contributing her creativity and enthusiasm for language to projects. In the future, she plans to leverage these developing skills as she pursues a career as an author and college professor. She views this as an incredible opportunity, and is excited to aid in the improvement and sustainability of local news in the Inland Empire.