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Pandemic relief funds helping ENC credit union aid minority-owned businesses and low-income people

Marine Federal Credit Union logo.png
Marine Federal Credit Union
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Marine Federal Credit Union logo.

On the same day the Federal Reserve gave a sobering report on the U.S. economy’s trajectory, administration officials highlighted how they have kept some of the nation’s smallest businesses afloat through the pandemic.

Roughly $8.28 billion has been disbursed to 162 community financial institutions across the country, through Treasury’s Emergency Capitol Investment Program.

The treasury has awarded institutions headquartered within North Carolina over $734 million in EC-IP funds. Among those six mission-driven financial institutions – Marine Federal Credit Union in Jacksonville was awarded more than $9 million.

These pandemic relief funds are dedicated to loans for minority-owned businesses and low-income individuals who generally have a hard time getting access to capital.

Kelly Batchelor hails from the small crossroads community of Cabin in Duplin County in eastern North Carolina. Since 1989 Kelly has been actively employed in radio.