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.
The funding is coming from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) through the FY22 round of the Small Dollar Loan (SDL) Program, according to Oregon’s U.S. Senators Jeff Merkley and Ron Wyden.
“Whether it’s a mortgage, a car loan, or a line of credit to launch a business, access to credit is crucial for Oregonians’ financial well-being,” Merkley said. “This funding going 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 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 are walking an economic tightrope,” Wyden said. “I’m glad these credit unions have earned this federal investment that helps them generate opportunities in their communities so Oregonians aren’t left turning to exploitative financial services, and I’ll keep battling for credit unions throughout our state to secure similar resources.”
Through the SDL Program, the CDFI Fund provides Loan Loss Reserves (LLR) awards to enable CDFIs to establish a loan loss reserve fund to defray the costs of establishing or maintaining a small dollar loan program; and Technical Assistance (TA) awards to support technology, staffing, and other eligible activities to enable a CDFI to establish and maintain a small dollar loan program.
The Award recipients:
- $150,403 to InRoads Credit Union in Saint Helens
- $156,759 to Ironworkers USA Federal Credit Union in Portland
- $213,497 to Point West Credit Union in Portland