Pacific Northwest founding credit unions Boeing Employees, Harborstone, Onpoint, and Verity created the CU Micro Loan Fund, LLC to channel credit union funds toward local community investments. The fund issues up to $50,000 in small business owner microloans and is open to Oregon and Washington credit unions.
The microloan program incorporates a few key partners. While the credit unions provide funding and program governance, educational partners provide expert business training and counsel. These partners include University of Washington Foster School of Business, Consulting & Business Development Center and Portland State University’s Business Outreach Program. Business Impact NW, a nonprofit organization, coordinates the loan origination and dissemination process.
The Northwest Credit Union Foundation has committed $50,000 to help credit unions fund loan loss reserves. Pacific Northwest credit unions may qualify for a NWCUF matched loan loss reserve grant equivalent to 50% of a loan loss requirement.
Questions or comments? Please send all inquiries to:
Harborstone Credit Union
Business Impact NW
(206) 324-4330 ext. 140