LOS ANGELES (CNS) - Six Southern California financial institutions were named today recipients of nearly $330 million in federal funds aimed at providing loans and other assistance to small and minority-owned businesses.
The awards of Emergency Capital Investment Program funds were part of $671 million doled out to 10 institutions across California, and nearly $9 billion nationally, according to the U.S. Department of the Treasury.
According to the department, the funds are designed to allow financial institutions to ``provide loans, grants, and forbearance for small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled the most during the COVID-19 crisis.''
The Southern California institutions receiving funds were:
-- Broadway Financial Corp., Los Angeles, $150 million;
-- Episcopal Community Federal Credit Union, Los Angeles, $38,000;
-- Financial Partners Credit Union, Downey, $35 million;
-- New Omni Bank, Alhambra, $39.9 million;
-- Orange County Credit Union, Santa Ana, $35 million; and
-- PCB Bancorp, Los Angeles, $69.1 million.
Speaking to reporters Wednesday, Vice President Kamala Harris hailed the nationwide grants, saying the success of small businesses ``requires access to capital.''
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