Boeing Employees Credit Union in Tukwila, Wash., or BECU, the nation’s fourth-largest credit union, announced on Wednesday a $5 million commitment to support Black communities and racial equity in Washington state over the next five years.
The announcement marks one of the largest commitments to racial equity the credit union industry has seen so far, and BECU said the funding is the first step in a broader effort to support communities of color.
Those efforts include BECU’s Black Community Development Project, which will see the credit union partner with local nonprofits that focus on improving physical, emotional and financial health for Black consumers, as well as nonprofits led by Black people and those that “employ a predominantly multicultural staff that is representative of the communities being served,” according to a press release.
“This commitment is one of many ways that BECU is demonstrating our commitment to racial equity on behalf of our employees, members and communities,” BECU President and CEO Benson Porter said in the press release. “These funds will support local nonprofits that are making meaningful impacts in our communities every day, and whose work supports the well-being of Black families and businesses around Washington state.”
The $25.6 billion-asset institution has already committed funding to a variety of racial equity programs this year through the BCDP, including $150,000 in capacity-building donations for five area nonprofits, $450,000 in community impact grants, $100,000 to the African-American Credit Union Coalition, $200,000 for the Black Future Co-op Fund and more.
“We’re extremely proud to support these dedicated organizations who are leaders in serving our communities with programs focused on education, housing, workforce development, civic engagement and more, and invest in future programs for BIPOC communities,” said Solynn McCurdy, BECU’s senior vice president of social impact.
