Small businesses in Multnomah County in Oregon will receive a $10 million boost thanks to a new program that includes several credit unions and banks.
Through the Community Advantage Banking Program, the county will divide up $10 million to deposit in Unitus Community Credit Union, On-Point Community Credit Union, Northwest Community Credit Union, Columbia Community Bank, Umpqua Bank, Pacific Continental Bank and West Coast Bank. According to officials, the aim is that lenders will loan the funds to small businesses. The program is also being touted as one solution to create more local jobs in the county.
To participate in the program, financial institutions must be based in Oregon, have less than $1 billion in assets and an approved resolution from their respective boards affirming participation in the CAB program. Credit unions and banks are also required to offer interest rates on the loans equal to other local financial institutions. County officials said the current rate is nearly 0.25%.