Tulip Credit Union gets federal loan

Tulip Credit Union of Olympia has received a $75,000 loan as part of a federal program to financially strengthen credit unions throughout the country.

The program is the Community Development Capital Initiative and the $75,000 loan is a low-interest loan that counts as secondary capital to boost the net worth of the credit union for regulatory purposes, Tulip announced in a news release.

Tulip, which stands for Thurston Union of Low Income People, was formed in 2003 with more than $1 million in nonmember deposits from credit unions, foundations and a dozen other institutions.