Meriwest Partners with Opportunity Fund to Help Small Business Owners Thrive
Meriwest Credit Union Partners with Opportunity Fund, Self-Help Federal Credit Union, and UMe Credit Union, Increasing Small Businesses' Access to Credit
Meriwest Credit Union joins in helping our small business owners thrive
Meriwest, one of Silicon Valley’s Premier Credit Unions announced a partnership with the nation’s leading nonprofit, Community Development Financial Institution (CDFI) and two other Credit Unions, Self-Help Federal Credit Union, and UMe Credit Union, as part of a $1 Billion commitment to investing in marginalized businesses nationwide in the next two years.
These partnerships increase small business owners' access to transparent, affordable credit — particularly among businesses owned by women, people of color and rural entrepreneurs — allowing credit unions to confidently refer members to the nonprofit lender to meet their business credit needs responsibly while retaining the overall banking relationship.
“Credit unions and Community Development Financial Institutions like Opportunity Fund share a purpose: to ensure ready access to affordable, responsible, financial products and services in our communities.” Luz Urrutia, CEO of Accion Opportunity Fund commented “By working together, we can build a more inclusive financial landscape, especially for women, immigrant and entrepreneurs of color.”
This partnership will provide working capital loans from $2,600 to $100,000 to underserved businesses.
“At Meriwest, our mission is to serve our communities. We are grateful to partner this year with such a great organization, as the Opportunity Fund and thankful for the opportunity to be involved.” Said Senior Vice President, Chief Lending Officer Jeff Barnes.
With credit unions playing an extraordinary role in the financial support Americans need, Meriwest stepped forward to process PPP loans, welcoming new small business owners as members in the process.
This partnership aligns with the suite of small business products and services currently offered by the Credit Union to support small business owners in the markets we serve.
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to over 82,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 59 years. More information can be found at www.meriwest.com
About Opportunity Fund
Opportunity Fund, the nation’s leading nonprofit small business lender, believes small dollar loans help hard-working entrepreneurs make lasting change in their own lives and build strongercommunities by growing businesses and creating jobs. Opportunity Fund’s community of donors and investors is creating an inclusive financial system that empowers women, immigrants, and minority small business owners. Our strategy combines microloans for small business owners and New Markets Tax Credit investments in high-impact community infrastructure projects.
Since 1994, Opportunity Fund has deployed more than $900 million and helped thousands of entrepreneurs invest in their families’ futures. The organization has committed to lending an additional $1.2 billion to small business owners across the country and investing $174 million in community real estate projects by 2023.
Media Contact: Helen Grays-Jones
Community Relations Manager
5615 Chesbro Avenue, San Jose, CA 95123-3046