Financial Partners Credit Union Named Recipient of U.S. Treasury’s Emergency Capital Investment Program
DOWNEY, Calif.–(BUSINESS WIRE)–Financial Partners Credit Union, which serves more than 86,000 members in California, has been named an Approved Participant in the U.S. Department of the Treasury Emergency Capital Investment Program (ECIP). Financial Partners has received a $35 million ECIP investment, which will enable Credit Union to increase lending and expand opportunities to have a positive financial impact in low-income and financially underserved communities in California, especially those who have been disproportionately affected by the COVID-19 pandemic.
The US Treasury announced earlier today that it has awarded California institutions more than $671 million in ECIP investment funds. Investments made by the Treasury are expected to be used for a range of community investments, including loans to low-income and minority borrowers and underserved small businesses, the development and preservation of affordable housing, and investments in communautary development.
“These critical funds provide an opportunity for underserved communities across the country, helping them get back on their feet after the pandemic and building their resilience to future shocks,” said Treasury Secretary Janet L. Yellen. “Today’s announcement is an important step towards expanding access to capital and services to rebuild and fuel long-term economic growth.
Financial Partners has remained fully open and 100% operational during the COVID-19 pandemic while supporting communities with business PPP loans, saving significant numbers of jobs. They also helped members in need with $160 million in deferred payments and mortgage forbearance.
“Financial Partners is committed to supporting financially underserved communities so they can not only recover from the losses suffered during COVID-19, but also so they can thrive and grow well beyond this extraordinary time. “, said Nader Moghaddam, President and CEO of Financial Partners. “Through this investment, we will be able to make a significant impact on the lives of many people who are typically overlooked by the banking industry.”
About Financial Partners Credit Union
Celebrating its 85th anniversary, Financial Partners Credit Union is dedicated to helping Californians bank smarter and build a better financial future. With over $2.1 billion in assets and branches from San Francisco to San Diego, membership is open to anyone who lives, works or studies in Los Angeles, Orange, Riverside or San Diego counties; in addition to the city of South San Francisco and Alameda, California. Visit FPCU.org or call 844.TRY.FPCU for details.