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 comes from the US Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) through the FY22 round of the Small Dollar Loan (SDL) Program, according to US Senators from Oregon Jeff Merkley and Ron Wyden.
“Whether it’s a mortgage, an auto loan or a line of credit to start a business, access to credit is critical to the financial well-being of Oregonians,” Merkley said. “This funding going to credit unions in St. Helens and Portland will help deliver critical 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 resources and services.”
“The essential and manageable financial option provided by credit unions in Oregon communities takes on even greater importance as families and small businesses walk an economic tightrope,” said Wyden. “I’m glad these credit unions got this federal investment to help them create opportunities in their communities so Oregonians aren’t forced to turn to exploitative financial services, and I’ll continue to fight for credit unions and credit across our state get similar resources. ”
Through the SDL Program, the CDFI Fund provides Loan Loss Reserve (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) grants to support technology, staffing, and other eligible activities to enable a CDFI to establish and maintain a small dollar lending program.
- $150,403 for InRoads Credit Union in Saint Helens
- $156,759 for Ironworkers USA Federal Credit Union in Portland
- $213,497 to Point West Credit Union in Portland