Trailhead CU Awarded $1.12 Million CDFI Grant
October 3, 2016
October 3, 2016
Trailhead Credit Union (Portland, OR) was part of a $185 million grant award from the U.S. Department of the Treasury last week, securing $1.12 million as part of Treasury’s Community Development Financial Institutions Fund.
“We plan to support the underserved independent businesses and entrepreneurs in the Portland neighborhoods we serve—specifically the North Mississippi Ave and SE Division Street Business Districts,” said Kim Faucher, VP Marketing for Trailhead.
“We will also focus on adding new unsecured loan products, including debt consolidation loans, to help our underserved communities reduce debt and meet their short term credit needs,” she added.
“With today’s awards, the CDFI Fund has crossed the $2 billion threshold in collective investments to CDFIs and Native CDFIs through the CDFI and NACA Programs,” said CDFI Fund Director Annie Donovan. “This milestone underscores the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities.”
The CDFI Fund awarded 196 Community Development Financial Institutions (CDFIs) $185.7 million in grants and loans today. The awards, through the fiscal year (FY) 2016 rounds of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs and Native CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
The Trailhead grant application was written with assistance from CU Strategic Planning.
Questions about this story? Contact Eric Horvath: 503.350.2222, firstname.lastname@example.org.