Umpqua Bank Invests $750,000 in Portland Small Business Relief Fund
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 is a subsidiary of Columbia Banking System Inc., and a premier regional bank in the Western U.S., operating in Oregon, Washington, California, Idaho, Nevada, Utah, Arizona and Colorado. With over $50 billion of assets, Umpqua combines the resources, sophistication and expertise of a national bank with a commitment to deliver personalized service at scale. The bank consistently ranks as one of America’s Best Banks (ranked by Forbes) and supports consumers and businesses through a full suite of services, including retail and commercial banking; Small Business Administration lending; institutional and corporate banking; equipment leasing; and wealth management. The company is headquartered in Lake Oswego, Oregon, and trades under the ticker symbol COLB on the Nasdaq. Learn more at https://www.umpquabank.com.