TIGARD, Ore.–Four credit unions in Oregon, all CDFIs, have signed on to help distribute relief grants to very small businesses in the state as part of a program funded by the state government.
The Northwest Credit Union Association said the state launched the program for businesses with fewer than 25 employees who may have been “left behind” by various federal government COVID-19 relief programs. Like Paycheck Protection Program loans, the Oregon grants do not have to be paid back.
Four Oregon credit unions with CDFI designation — Consolidated Community, Trailhead, Point West, and Central Willamette — have stepped up and will fund grants ranging from $2,500 to $12,500, the NWCUA said.
“Collectively, our goal was to provide support to small businesses throughout Oregon that have been deeply affected by the COVID-19 pandemic,” said Larry Ellifritz, president and CEO, Consolidated Community Credit Union. “This is a great collaborative effort to make a difference for businesses.”
Apps Quickly Filed
According to the NWCUA, only hours after the application process opened, an antique shop, a variety store, a consulting business, and a non-profit theater had received funding from Consolidated Community CU.
The State of Oregon designed the grants for historically disadvantaged businesses in every corner of the state, with particular focus on business owners who are Asian, Black, Hispanic, Native American, or women.
“Point West is committed to helping small businesses, especially those owned by people of color, adversely impacted by the unprecedented economic effects of the COVID-19 pandemic,” Amy Nelson, the credit union’s CEO, told the NWCUA. “These grants will deliver a much-needed infusion of capital to help support these businesses and the communities they serve.”
Along with businesses of up to 25 employees, sole proprietorships also are eligible for the funding.
‘Well-Positioned’ to Help
“With over 260,000 sole proprietors in the state, ensuring they have support through COVID-19 is critical to Oregon’s economic outlook,” said Stacie Wyss-Schoenborn, president and chief executive officer of Albany-based Central Willamette Credit Union. “These types of businesses are very small, so grant funds are impactful and sustaining.”
Added NWCUA President/CEO Troy Stang, “Credit unions are well positioned to help the truly small businesses in rural communities, and minority owned businesses, to receive these grants,” said Stang.
Each of the credit unions has set up dedicated emails or microsites to handle inquiries, including:
- grants@trailheadcu.org
- consumerloans@consolidatedccu.com
- https://www.centralwcu.org/COVID19grants
- https://www.pointwestcu.com/bizgrants/
“All of the credit unions in this endeavor are working together as a team to make the process as smooth and simple as possible,” noted Jim McCarthy, president and CEO of Trailhead Credit Union in Portland. “The cooperative spirit is alive and well in the credit union community.”