The $311 million Freedom First Credit Union, headquartered in Roanoke, Va., won the $100,000 Next Seed Capital Award from the Opportunity Finance Network according to an Aug. 15 release.
The grant will fund loans to refugees and permanent residents seeking to finance their immigration applications at the 47,000-member credit union, which was eligible for the award because it was recognized as a Community Development Financial Institution by the U.S. Treasury Department's CDFI Fund.
Freedom First developed its American Dreamer loans to cover the costs of the citizenship process, which can range between $2000 and $5000, the credit union said in the release. Although most of the refugees and permanent residents have jobs, they often do not pay enough to cover the fees.
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