Three Oregon credit unions, including InRoads of St. Helens, will receive a total of $520,659 in federal dollars to support small loans to families and businesses.
InRoads Credit Union can be reached at 503-397-2376 for more information on the Federal Family and Small Business Loan Funds.
According to Oregon US Senators Jeff Merkley and Ron Wyden, the funding came from the US Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) through the FY22 round of the Small Dollar Loan (SDL) program.
“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 Oregon residents,” Merkley said. “This funding, which will go to credit unions in St. Helens and Portland, will help provide critical services and support to Oregon residents and provide an important alternative to expensive payday loans. I will continue to work hard to ensure all Americans have access to essential financial services and resources.”
“The essential and manageable financial option that credit unions offer in Oregon communities becomes even more relevant as families and small businesses navigate an economic tightrope,” Wyden said. “I’m glad these credit unions deserve this federal investment to help them create opportunities in their communities so Oregon residents don’t depend on exploitative financial services, and I will continue to fight for credit unions across our state to create similar ones.” secure resources. ”
Through the SDL program, the CDFI Fund provides Loan Loss Reserves (LLR) to enable CDFIs to establish a Loan Loss Reserve Fund to defray the costs of establishing or maintaining a small dollar lending program; and Technical Assistance (TA) Awards to support technology, personnel and other eligible activities to enable a CDFI to establish and maintain a small dollar lending program.
The award winners:
- $150,403 to InRoads Credit Union of St. Helens
- $156,759 to Ironworkers USA Federal Credit Union in Portland
- $213,497 to Point West Credit Union in Portland
