A Total of $22 Million in Federal Aid Was Provided by Credit Unions to Low-income Areas in the State of Oregon

The U.S. Treasury awarded about $22 million to Oregon banks so that they may expand their services to underbanked communities. To help vulnerable groups in Oregon’s post-epidemic recovery, the federal government has allocated $22.3 million to seven financial institutions.

On Monday, April 10, it was announced that more than 600 groups around the country will receive a total of $1.7 billion from the United States Treasury to aid in the rehabilitation of some of the nation’s poorest and middle-class areas.

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Officials have stated that the grants are crucial for economic growth since they help make housing more affordable and provide home loans to more people.

Vice President Kamala Harris said in a Treasury statement, “When 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 to not only succeed but to thrive.”

She highlighted the fact that this particular investment was the largest made by the Community Development Financial Institutions Fund since the commencement of the program in 1994.

The money will enable the banks to expand their workforces, purchase cutting-edge equipment, and better serve their communities. Their request for the money had to be approved by the U.S. Treasury.

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The Treasury Department made the following observation on mission-driven financial institutions: “These mission-driven financial institutions specialize in delivering responsible capital, credit, and financial services to underserved communities.”

The money can be used for anything from community facilities to commercial property to banking to aiding grassroots organizations to people buying their first homes.

Six of Oregon’s seven grantees are credit unions. The lending fund, the other entity, got the lion’s share of the money.

The Treasury Department Has Provided the Following Groups With Grants:

• Five million dollars for Astoria’s Craft3 Loan Fund
• Oregon’s Eugene-based Northwest Community Credit Union: $3.7 million
• Portland’s Point West Credit Union: $3,7 million
• Springfield, Illinois’ SELCO Community Credit Union: $3,7 million
• The $2.5 million that went to the Mid-Oregon Federal Credit Union in Bend
• $2.5 million to Albany’s Central Willamette Credit Union
• In Portland, $1.25 million goes to Ironworkers USA Federal Credit Union.