Oregon Banks Get $22 Million From the U.S. Treasury for Low-income Communities

To aid marginalized populations in Oregon in their recovery from the epidemic, the federal government has granted a total of $22.3 million to seven banking institutions in the state.

Announced on Monday, April 10, the funds are part of a $1.7 billion U.S. Treasury initiative to aid the rehabilitation of low- and moderate-income areas that have been struck hardest over the last three years.

Officials said the funds are essential for economic growth because they would restore access to capital and finance for small companies damaged during the epidemic and increase the availability of affordable housing and home loans to more households.

Oregon Banks Get $22 Million From the U.S. Treasury

In a Treasury statement, Vice President Kamala Harris said, β€œWhen we invest in community lenders, we help build a future where all people – no matter who they are or where they start – have the resources they need not only to succeed but to thrive.”

She noted that this investment was the biggest in the Community Development Financial Institutions Fund’s (CDFI) 22-year existence. The funding will allow financial institutions to hire more people, upgrade their infrastructure, and better serve their communities. The U.S. Treasury had to approve their request for the funds.

The Treasury Department noted, β€œThese mission-driven financial institutions specialize in delivering responsible capital, credit, and financial services to underserved communities.”

The following is the latest current information about events at Oregon State:

The funds may also be utilized for community amenities, commercial real estate, financial services, development services, and supporting small companies, NGOs, and homes. Credit unions make up six of the seven Oregon recipients. The other organization, a lending fund, received most of the funding.

The Treasury has granted some organizations funding:

  • Craft3, a loan fund in Astoria: $5 million
  • Northwest Community Credit Union in Eugene: $3.7 million
  • Point West Credit Union in Portland: $3.7 million
  • SELCO Community Credit Union in Springfield: $3.7 million
  • Mid-Oregon Federal Credit Union in Bend: $2.5 million
  • Central Willamette Credit Union in Albany: $2.5 million
  • Ironworkers USA Federal Credit Union in Portland: $1.2 million

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