DURHAM, N.C. — The $51 million Latino Community Credit Union is one of four community development financial institutions that are finalists in competition for a package of loans and grants that could be as much as $5.5 million.

The awards, which total $8.25 million, are a cooperative prize offered by Wachovia Bank and the John D. and Catherine T. MacArthur Foundation. Latino had to win several initial rounds of the competition to get to this point, according to its CEO Luis Pastor. If the credit union wins it will be in category of financial institutions of $50 million and above and its share of the $8.25 million will be $5.5 million.

“We are delighted to be selected as a finalist for the Wachovia NEXT Awards for Opportunity Finance. This validates our hard work in the community and our efforts to provide affordable financial services to families and neighborhoods that might not otherwise have access to it. We are honored to be chosen as finalists for an award that could really transform Latino Community Credit Union and take it to the next level, allowing our credit union to impact more families in the community,” Pastor said.