Congresswoman Trahan Announces $150 Million in Federal Funding for Nashoba Valley Small Businesses
Washington, September 22, 2022
WASHINGTON, DC – Today, Congresswoman Lori Trahan (MA-03) applauded the awarding of $150,000,000 in federal funding for the Workers Federal Credit Union in Littleton. This multi-million dollar investment provided through the U.S. Department of the Treasury’s Emergency Capital Investment Program will allow the Workers Federal Credit Union to increase loans to low- and moderate-income individuals as well as traditionally underserved and minority-owned small businesses.
“The benefits of this investment are going to be felt district-wide. Small businesses and the workers who drive them are the backbone of our economy,” said Congresswoman Trahan. “This federal investment will open up new doors for so many small businesses working hard not just to get back on their feet, but to thrive. I’m proud of the work we’ve done to support the Emergency Capital Investment Program, and I look forward to seeing this funding put to use by small businesses across the Third District.”
“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.”
“The Credit Union is excited to receive these funds. The Credit Union plans to leverage this program to make even more loans to individuals of low and moderate-income and small businesses,” said Doug Petersen, the President and CEO of Workers Credit Union. “Workers Credit Union hopes to make two to three to four times or more of this amount in loans to individuals and businesses that really have the need. 70% of the loans that we made previously were to low and moderate-income individuals and small businesses, which is why I believe Workers was chosen for this program.”
“On behalf of the Town of Littleton, I want to thank Congresswoman Trahan for her continued leadership and advocacy down in Washington,” said Littleton Town Administrator Anthony Ansaldi. “We truly appreciate her support of this important initiative and the funding for Workers Federal Credit Union which will go a long way to help underserved communities in our Town and the surrounding region.”
Trahan voted in favor of the Consolidated Appropriations Act of 2021, which included $9 billion for the Emergency Capital Investment Program to provide direct investments into Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) banks, credit unions, and holding companies. These investments are designed to support the efforts of community financial institutions to, among other things, provide loans, grants, and forbearance for small and minority-owned businesses, particularly in low-income and financially underserved communities that struggled the most during the COVID-19 crisis.