Three Oregon credit unions, including InRoads in St. Helens, will receive a total of $520,659 in federal dollars to support small loans to families and businesses.
According to US Senators Jeff Merkley and Ron Wyden, the funding comes from the Community Development Financial Institutions Fund (CDFI Fund) of the United States Department of Treasury under the FY22 program of the Small Dollar Loan (SDL) program.
“Whether it’s a mortgage, a car loan, or a line of credit to start a business, access to credit is crucial to the financial well-being of Oregonians,” Merkley said. “This funding provided to credit unions in St. Helens and Portland will help provide crucial services and support to Oregonians and provide an important alternative to expensive payday loans. I will continue to work hard to ensure that all Americans have access to vital financial services and resources. »
“The essential and manageable financial option that credit unions provide in Oregon communities takes on even greater importance when families and small businesses walk an economic tightrope,” Wyden said. “I am pleased that these credit unions have won this federal investment that helps them generate opportunity in their communities so Oregonians do not turn to exploitative financial services, and I will continue to fight for credit unions across our state are getting similar resources. ”
Through the SDL Program, the CDFI Fund offers loan loss reserve (LLR) premiums to enable CDFIs to establish a loan loss reserve fund to cover the costs of establishing or maintaining a loan loss reserve. a small loan program; and technical assistance (TA) grants to support technology, staffing, and other eligible activities to enable a CDFI to establish and maintain a small loan program.
The laureats :
- $150,403 to InRoads Credit Union in St. Helens
- $156,759 to Ironworkers USA Federal Credit Union in Portland
- $213,497 at Point West Credit Union in Portland