Credit union receives $10M through Treasury’s Emergency Capital Investment Program
HAGATNA, Guam—Community First Guam Federal Credit Union is the only financial institution in Guam to receive capital investment from the U.S. Department of Treasury as part of the Treasury’s Emergency Capital Investment Program.
Community First received $10 million through the ECIP, which was established by the Consolidated Appropriations Act of 2021 to encourage community financial institutions to support small businesses and low-to-moderate-income households in their communities.
“These essential funds provide opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks,” said Secretary of the Treasury Janet L. Yellen. “Today’s announcement is a significant step toward expanding access to the capital and services to rebuild and fuel long-term economic growth.”
Gerard Cruz, president and CEO of Community First, said, “The ECIP capital fund expands our lending capacity for families and businesses at a time when our community is still recovering after economic turmoil as a result of the pandemic.”
According to the U.S. Treasury, it made more than $8.28 billion of investments in 162 community financial institutions across the United States and its territories. The investments support community financial institutions so they may be able to provide low-income and financially underserved communities through loans, grants, and other assistance to small and minority-owned businesses and consumers that have been affected by the COVID-19 crisis.
Under the program, the U.S. Treasury provided $8.285 billion in capital directly to depository institutions that are certified Community Development Financial Institutions (CDFIs) or minority depository institutions (MDIs). According to the Treasury, the capital will provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, which may be disproportionately impacted by the economic effects of the COVID-19 pandemic.
With $10 million in total investment, Guam received a more sizable share than seven states, including Hawaii. The top three states to receive investments were Mississippi ($1.65 billion), Louisiana ($780.78 million), and North Carolina ($734.6 million). (PR)