Congressman Steve Cohen (TN-09) today announced that the U.S. Treasury Department has awarded three Memphis-based community development financial institutions $2,838,265 to address economic challenges created by the coronavirus pandemic. The funding is part of the $1.25 billion going to 863 community development financial institutions announced Tuesday by Treasury Secretary Janet Yellen.
Orion Federal Credit Union will receive $1,826,265; Tri-State Bank of Memphis will receive $312,000; and River City Capital Investment will receive $700,000. The funding is intended as a rapid infusion of capital to respond to the economic consequences of the pandemic, particularly in distressed and under-served areas.
Congressman Cohen made the following statement:
“This injection of capital into our community development financial institutions will address the impact the pandemic has had on our local economy. This wise investment will support local businesses and their employees and help us return to normalcy.”
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