Orion Is Awarded $105 Million by U.S. Treasury
The U.S. Department of Treasury Awards Orion FCU $105 Million through the Emergency Capital Investment Program following Covid-19 crisis.
Sept. 26, 2022 (MEMPHIS, Tenn.) — Orion FCU received $105 million from the U.S. Department of the Treasury awarded in the Emergency Capital Investment Program (ECIP) in response to the Covid-19 crisis. These funds are designed to support the ongoing efforts of Orion to provide direct investments in the community through loans, grants, and forbearance for small and minority-owned businesses and consumers, especially in low income and financially underserved communities that were hit the hardest during the COVID-19 crisis.
“Orion has a long history of helping the communities we serve,” said Daniel Weickenand, Orion’s President and CEO. “This ECIP award will allow us to leverage our existing capital and continue Orion’s commitment to this city by generating strategic investment of loans in low to moderate income neighborhoods that provide affordable housing.”
“We already have a strategic plan to allocate this capital based on the needs of this community affected by the Covid-19 crisis. We believe this award is due to Orion’s existing efforts of providing solid support by way of loans and other financial products in low to moderate income neighborhoods,” stated Orion’s CFO Ashley McDurmon.
Orion, a Community Development Financial Institution (CDFI) working to improve access to financing and other financial services, was awarded more than half of the ECIP dollars in Tennessee. The awarded investments made by the Treasury will be used for a range of community investments, including loans to low-income and minority borrowers and underserved small business, the development and preservation of affordable housing, and investments in community development.
This award was provided as part of the Consolidated Appropriations Act, 2021 that provided the U.S. Department of the Treasury $9 billion for the Emergency Capital Investment Program (ECIP) to allocate direct investments into Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI) banks, credit unions and holding companies across the country.