With the purpose of assisting underrepresented populations, the United States Treasury Department granted more than $22 million to Oregon lenders. (Photos by Getty) )
In order to assist marginalized populations in Oregon in recovering from the epidemic, the federal government has provided a total of $22.3 million in grants to seven different financial institutions in the state.
The money, which was announced on Monday, is a portion of the $1.7 billion that will be given away by the United States Treasury to more than 600 institutions across the country as part of a program designed to boost the recovery of low-income and moderate-income communities, which were the communities that were hit the hardest over the past three years.
The grants are intended to provide capital and financing for small businesses that do not have access to capital, promote affordable housing, and give families wider access to home loans.
All of these things were compromised during the pandemic and are essential for the growth of the economy, according to the officials.
According to a statement released by the Treasury Department, Vice President Kamala Harris stated that “When we invest in community lenders, we help construct a future where all people — regardless of who they are or where they start – have the tools they need not only to succeed but to thrive.”
She stated that it was the greatest investment made on a national scale under the program known as the Community Development Financial Institutions Fund, which was established in 1994.
The grants will allow financial institutions to hire more people, make technology purchases, and obtain other resources that are necessary to assist the community.
They were required to submit a request for the money and receive authorization from the United States Treasury.
In a statement released by the Treasury Department, it was explained that “these mission-driven financial institutions specialize in delivering responsible capital, credit, and financial services to underrepresented populations.”
In addition to assisting homes, non-profit organizations, and small enterprises, the funds can be put toward the construction of community amenities, the purchase of the commercial real estate, financial services, and the provision of development services to borrowers.
Credit unions make up six out of Oregon’s seven organizations that have been given financial awards. The second organization is a lending fund, and it was the recipient of the majority of the funds.
These Organizations Were Granted Funding by the Treasury Department:
- Located in Astoria, the Craft3 Loan Fund has a total of $5 million.
- $3.7 million is the amount owed to Northwest Community Credit Union in Eugene
- $3.7 million awarded to members of the Point West Credit Union in Portland
- $3.7 million in funding from the SELCO Community Credit Union in Springfield
- $2.5 million comes from the Mid-Oregon Federal Credit Union in Bend.
- $2.5 million awarded by the Central Willamette Credit Union in Albany
- $1.2 million awarded by the Ironworkers USA Federal Credit Union in Portland