Har-co Credit Union is among the first recipients of the Maryland Community Investment Venture Fund grant, a first-in-the-nation initiative announced by the Maryland State Innovation Team and the Maryland Department of Labor’s Office of Financial Regulation. The awards were announced during the Expanding Horizons: The Access to Capital Forum at the University of Maryland.

The initiative enables state-chartered community banks and credit unions to partner with fintech companies to expand access to capital in low- to moderate-income communities across Maryland.

Har-co Credit Union is partnering with LoanStar Technologies to help local businesses offer flexible financing options directly at the point of sale, improving access to credit for borrowers in LMI neighborhoods. Har-co Credit Union’s President and CEO Gilbert Kennedy was in attendance.

MD|DC Credit Union Association President and CEO John Bratsakis delivered remarks, noting that the partnership will strengthen the critical work credit unions do every day to expand equitable access to capital and financial services.

Commissioner of Financial Regulation Antonio P. Salazar praised community financial institutions for their commitment, “I am incredibly proud of the role Maryland’s state-chartered financial institutions continue to play in supporting our communities. Our banks and credit unions are deeply rooted in the neighborhoods they serve and their commitment to innovation, responsible growth, and community investment is what makes initiatives like the Fund possible.”

The other awardee is First United Bank & Trust in Oakland which is partnering with Abrigo, Inc., to streamline loan decisions.

Maryland is also expanding the Access to Banking Act, to include the new Maryland Opportunity Account initiative which encourages Maryland state-chartered banks and credit unions to offer safe, affordable deposit accounts that promote greater access to the financial system for Marylanders.