LOUISVILLE, Ky. – Vice President Kamala Harris and Treasury Secretary Janet Yellen have introduced Park Neighborhood Credit score Union’s choice for $122.5 million from the U.S. Division of Treasury’s Emergency Capital Funding Program (ECIP). This system is designed to help lending to small and minority-owned companies and low- and moderate-income shoppers particularly in underserved communities which have been disproportionately impacted by the COVID-19 pandemic.
The ECIP will present a complete of $8.7 billion to designated Neighborhood Growth Monetary Establishments (CFDIs), with a mission to ship truthful and inexpensive lending to extend accountable investments in economically distressed communities. As the one monetary establishment in Kentucky with a CDFI designation, and the most important CDFI within the state, Park Neighborhood is in a singular place to deploy funds into the underserved areas of Kentucky that want it most.
“The actual winners listed here are the traditionally excluded communities,” mentioned Park Neighborhood Credit score Union President and CEO Jim Spradlin. “This funding will enormously broaden our work to help their development and improvement throughout the Commonwealth of Kentucky and past. We’re honored to be chosen.”
The ECIP funds characterize a serious, long-term funding in mission-driven monetary establishments like Park Neighborhood who’re devoted to supporting people and companies that face limitations to monetary prosperity and inclusion.
Park Neighborhood was established in 1965 to serve the workers of Common Electrical’s Equipment Park in Louisville. It now Kentucky’s largest Neighborhood Growth Monetary Establishment and serves communities throughout Kentucky and Indiana.
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