Press Releases

LOWELL, MA – Today, Congresswoman Lori Trahan (MA-03) joined Workers Credit Union President & CEO Doug Petersen and Assistant Vice President Doug Reedy to announce $150,000,000 in federal funding for Workers Credit Union (WCU). This funding is allocated through the Treasury’s Emergency Capital Investment Program (ECIP) and will allow WCU to increase loans to low- and moderate-income individuals, as well as traditionally underserved and minority-owned small businesses.

“With this federal funding, Workers Credit Union can expand their effective and individualized efforts that have a proven track record of supporting families and small businesses in need of help,” said Congresswoman Trahan. “The programs supported with this funding will strengthen our local economy and build on the progress we’ve made combating economic inequality. Small businesses and the workers who drive them are the backbone of the Third District – and this federal investment is for them. This is the exact type of project I envisioned when voting to create and fund this program last year.”

The federal funding announced today will allow WCU to offer financial services to those hit hardest by the COVID-19 pandemic. Low-income individuals and struggling small businesses will be able to access essential resources in order to stay afloat. Additionally, WCU offers community services like its “Workers Way” program – a personalized, financial coaching program offered at no additional cost. Through this program, WCU’s Certified Financial Coaches meet with members one-on-one, both in person and virtually, to provide judgment-free, step-by-step help to those with little or no prior financial management experience. Assistant Vice President Doug Reedy has himself led more than 150 such appointments. 

WCU serves over 110,000 members – including personal and business accounts – and handles $2 billion in assets. The majority of its 16 branches are located in the Third District. 

“We are excited to receive these funds. This program will allow Workers Credit Union to finance even more loans to both low-to-moderate income individuals and small businesses,” said Doug Petersen, President and CEO of Workers Credit Union. “Seventy percent of the loans we provide are to people and businesses in need, which is why we were chosen for this program. It’s the perfect foundation for Workers Credit Union’s commitment to improving the daily lives of our members through financial wellness and enhancing the economic health of the communities where they live.” 

Trahan supported passage of the FY21 Consolidated Appropriations Act, which created the Emergency Capital Investment Program and set aside $9 billion in ECIP funding to provide direct investments into Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) banks, credit unions, and holding companies. Massachusetts will receive a total of $272 million from the program, with $150 million going to WCU.

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