Workers Credit Union receives $150 million federal for small business personal loans

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The Littleton-based Workers Credit Union received $150 million from the U.S. Treasury’s Emergency Capital Investment Program, which aims to provide capital and services to low- and middle-income and financially underserved communities.

“This program will allow the Workers Credit Union to fund even more loans to low- to middle-income people and small businesses. Seventy percent of the loans we make go to people and businesses in need, which is why we were chosen for this program,” said Doug Petersen, President and CEO of Workers Credit Union, in a press release from Congresswoman Lori Trahan (D-MA) on Thursday.

Workers Credit Union is one of two Massachusetts institutions to receive the funding, the other being Leader Bancorp, Inc. of Arlington, which received $122.5 million.

ECIP was created by the Consolidated Appropriations Act of 2021. Under this program, the U.S. Treasury Department made available $8.28 billion to 162 community financial institutions.

When ranked by assets, Workers Credit Union is the second largest credit union in central Massachusetts, after Digital Federal Credit Union in Marlborough. Workers has $2.4 billion in assets, as well as 335 employees across 18 locations.

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