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