White House sending $44 million to support Oregon’s low-income communities

(Source: Gray TV)
(Source: Gray TV)
Published: Sep. 21, 2022 at 2:34 PM PDT
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OREGON (KPTV) – Oregon is set to receive over $44 million from the Department of Treasury as part of a multi-billion-dollar investment into 162 community financial institutions across the country.

The announcement was made Wednesday by Vice President Kamala Harris and Secretary of the Treasury Jane Yellen. The funds are intended to support community financial institutions to give grants, loans and other assistance to small and minority-owned businesses and consumers. The funds specifically target low-income and underserved communities who have struggled during the COIVD-19 pandemic, the White House said in a Wednesday release.

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Funding for Oregon:

  • Central Willamette Credit Union, Albany - $24,500,000
  • Ironworkers USA Federal Credit Union, Portland - $1,250,000
  • Mid Oregon Federal Credit Union, Bend - $10,000,000
  • Old West Federal Credit Union, John Day - $9,000,000

“These Emergency Capital Investment Program funds are providing opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks,” said Secretary Yellen. “These critical investments represent a significant step toward expanding access to the capital and services required to rebuild and fuel long-term economic growth.”

In total, Oregon will receive $44,750,000 of the $9 billion being distributed across the country from the Emergency Capital Investment program.