Oregon’s Underprivileged Areas Received $22 Million in Federal Aid From Credit Unions

More than $22 million was granted by the U.S. Treasury to financial institutions in Oregon to serve unserved areas. The federal government has provided $22.3 million to seven banking institutions to aid marginalized populations in Oregon’s recovery from the epidemic.

The funding, revealed on Monday, April 10, is part of $1.7 billion given out by the U.S. Treasury to more than 600 organizations around the country to aid in rehabilitating the nation’s poorest and middle-class neighborhoods.

Officials say the awards are essential for economic growth because they restore access to finance and financing for small firms damaged during the epidemic andΒ affordable housing and home loans for more households.

Oregon's Underprivileged Areas Received $22 Million

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,” Vice President Kamala Harris said in a Treasury statement.

She noted that this investment was the single biggest made by the Community Development Financial Institutions Fund since the program’s inception in 1994. The funding will allow the banks to hire more people, invest in new technology, and provide additional resources to the local community. The U.S. Treasury had to approve their request for the funds.

The most recent information on happenings at Oregon State is as follows:

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

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 these 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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Laurie is a passionate news writer with a keen eye for detail and a dedication to accurate reporting. She has been covering local and national news for Focushillsboro.com for over a decade, bringing a fresh perspective and insightful analysis to every story she covers.Laurie's love of journalism began early in life, and she pursued a degree in journalism to further her knowledge and skills. She quickly made a name for herself in the industry, working for a variety of media outlets before joining the team at Focushillsboro.com.

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