Vice President Kamala Harris praised community lenders and announced a $1.25 billion program for Community Development Financial Institutions (CDFIs) Tuesday. The Rapid Recovery Program was passed as part of December’s COVID relief legislation.

As of May 18, credit unions make up 364 of 1,264 certified CDFIs, the most of any type of financial institution.

Harris also thanked Hope FCU, Jackson, Miss. during her remarks for its efforts getting capital out via the Paycheck Protection Program. Despite normally making around 40 business loans per year, Hope became a top PPP lender, made more than 2,500 PPP loans in the early months of the pandemic.

Hope FCU Bill Bynum served on the incoming administration’s agency review team for the Consumer Financial Protection Bureau.

The Rapid Response Program is part of a larger $12 billion from the COVID legislation designated for funding community and minority financial institutions.

Another $9 billion will provide indirect capital investments to financial institutions, while $1.75 billion will go into a minority lending program later in the year.