How Oregon Credit Unions Are Helping Small Businesses in the COVID-19 Era
“This is a great collaborative effort to make a difference for businesses.”
Four credit unions in Oregon will help fund special state grants for small businesses with sole proprietors or fewer than 25 employees.
The Oregon legislature and state governor, Kate Brown, set aside $5 million for Community Development Financial Institutions to issue grants. Four credit unions designated as CDFIs will fund grants between $2,500 and $12,500, the Northwest Credit Union Association said in a news release.
Consolidated Community Federal Credit Union ($260 million in assets, 15,694 members), Trailhead Federal Credit Union ($126 million in assets, 9,474 members), Point West Credit Union ($92.5 million in assets, 10,917 members) and Central Willamette Credit Union ($358 million in assets, 29,846 members) will participate in the program.
“Collectively, our goal was to provide support to small businesses throughout Oregon that have been deeply affected by the COVID-19 pandemic,” Larry Ellifritz, president/CEO of Consolidated Community, said. “This is a great collaborative effort to make a difference for businesses.”
Early recipients of funding from Consolidated Community included an antique shop, a variety store, a consulting business and a nonprofit theater. The NWCUA said the state grant program was designed to help “historically disadvantaged businesses in every corner of the state, with particular focus on business owners who are Asian, Black, Hispanic, Native American or women.”
Ensuring that Oregon’s more than 260,000 sole proprietors have access to coronavirus relief “is critical to Oregon’s economic outlook,” Stacie Wyss-Schoenborn, president/CEO of Central Willamette, said. “These types of businesses are very small, so grant funds are impactful and sustaining.”
Point West President/CEO Amy Nelson said, “The grants will deliver a much-needed infusion of capital to help support these businesses and the communities they serve.”
The NWCUA represents more than 175 credit unions in Idaho, Oregon and Washington.
“Credit unions are well positioned to help the truly small businesses in rural communities, and minority owned businesses, to receive these grants,” Troy Stang, president/CEO of the NWCUA, said.