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

Photo | Workers Credit Union Congresswoman Lori Trahan presenting a check to Workers Credit Union President and CEO Doug Petersen.

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By Timothy Doyle

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 moderate-income and financially underserved communities.

“This program will allow Workers Credit Union to finance even more loans to both low-to-moderate income individuals and small businesses. Seventy percent of the loans we provide are 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 institutions in Massachusetts to receive the funding, the other being Leader Bancorp, Inc. of Arlington, which received $122.5 million.

ECIP was established by the Consolidated Appropriations Act of 2021. Through the program, the U.S. Department of the Treasury has 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, along with 335 employees across 18 locations.