$445M Coming to 5 Local Financial Institutions


Five local financial institutions will receive a total of $445,666,000 from the U.S. Department of the Treasury from the Emergency Capital Investment Program (ECIP), this according to Congressman Vicente Gonzalez. Image Sources:  Treasury:  Sealy j, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons:  Yellen:  US Department of the Treasury, Public domain, via Wikimedia Commons: Gonzalez:  Kristie Boyd; U.S. House Office of Photography, Public domain, via Wikimedia Commons
Five local financial institutions will receive a total of $445,666,000 from the U.S. Department of the Treasury from the Emergency Capital Investment Program (ECIP), this according to Congressman Vicente Gonzalez. Image Sources:  Treasury: Sealy j, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons: Yellen:  US Department of the Treasury, Public domain, via Wikimedia Commons: Gonzalez:  Kristie Boyd; U.S. House Office of Photography, Public domain, via Wikimedia Commons
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Texas Border Business

Five local financial institutions will receive a total of $445,666,000 from the U.S. Department of the Treasury from the Emergency Capital Investment Program (ECIP), this according to Congressman Vicente Gonzalez. 

“South Texas families and small business owners deserve access to every resource necessary to succeed. I was proud to support the Consolidated Appropriations Act of 2021 to establish ECIP and make these critical funds available,” stated Congressman Gonzalez. “Generational wealth gaps and lack of access to financial literacy resources often perpetuate the cycle of poverty. When communities have access to capital from trusted sources, families and businesses benefit for generations.” 

“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.” 

Local financial institutions receiving awards: 

·         AOB Ventures: $18,361,000 

·         Lone Star National Bank: $215,000,000 

·         MNB Ventures: $108,805,000 

·         Rio Financial Services: $103,000,000 

·         South Texas Federal Credit Union: $500,000 

These mission-driven financial institutions specialize in delivering responsible capital, credit, and financial services to underserved communities. The investments made by the Treasury Department are expected to 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 projects.  



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