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Investment accelerates financial support for area small businesses impacted by COVID-19
Umpqua Bank has committed $750,000 in funding for small businesses across Oregon impacted by the COVID-19 pandemic as part of a $3 million package of emergency economic relief unveiled today by the City of Portland, Prosper Portland and a coalition of businesses and banks through the Portland Business Alliance and the Oregon Bankers Association.
“Small businesses are the heart of Portland and Oregon’s economy, and they’re experiencing unprecedented disruption,” said Umpqua President & CEO Cort O’Haver. “As Oregon’s bank, Umpqua cares deeply about helping small businesses across Portland and the state weather this storm. We’re pleased to join with the City and other financial institutions to get relief dollars into the hands of small business owners as quickly as possible.”
In addition to Umpqua, other banks participating in the Small Business Relief Fund include Chase ($50,000), US Bank ($50,000), Wells Fargo ($50,000), Bank of America ($40,000), Key Bank ($35,000), and Columbia Bank ($10,000). Contributions will be invested in the Oregon Community Foundation’s Small Business Stabilization Fund. In collaboration with Prosper Portland, the funds will then be reinvested into community development financial institutions (CDFIs), which provide affordable financing and support services to small business and micro-enterprises.
“During this difficult time, it’s important that small businesses know Portland’s broader business community stands with them, and that we’re all in this together,” said O’Haver.
Last week, Umpqua also announced a pandemic relief package that includes a $1 million pledge to organizations that, among other focus areas, provide capital and micro loans to small businesses and entrepreneurs in low-income communities. Umpqua’s small business customers impacted by the pandemic can also defer loan payments and associated fees for 90 days. For more information, visit https://www.umpquabank.com/newsroom.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Oregon, is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the twelfth consecutive year. In addition to its retail banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to small businesses.
Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which offers services through Umpqua Bank stores and in dedicated offices throughout Idaho, Washington, Oregon, California and Nevada. Umpqua's Wealth Management Division serves high net worth individuals and nonprofits by providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit https://www.umpquabank.com/newsroom.