Small businesses in Multnomah County in Oregon will receive a$10 million boost thanks to a new program that includes severalcredit unions and banks.

Through the Community Advantage Banking Program, the county willdivide 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 andWest Coast Bank. According to officials, the aim is that lenderswill loan the funds to small businesses. The program is also beingtouted as one solution to create more local jobs in the county.

To participate in the program, financial institutions must bebased in Oregon, have less than $1 billion in assets and anapproved resolution from their respective boards affirmingparticipation in the CAB program. Credit unions and banks are alsorequired to offer interest rates on the loans equal to other localfinancial institutions. County officials said the current rate isnearly 0.25%.