This April 24, 2017 file photo shows the Lone Star National Bank in Harlingen. (Taniake no Hoshi file)

Rep. Vicente Gonzalez announced Friday that five financial institutions in South Texas will receive more than $440 million to address poverty in what is widely known as the poorest area of ​​the state.

The U.S. Treasury has awarded institutions $445,666,000 from its Emergency Capital Investment Program, what Treasury Secretary Janet L. Yellen called “essential funding” for “underserved communities.” provided.

AOB Ventures raised $18.3 million, Lone Star National Bank raised $215 million, MNB Ventures raised $108 million, Rio Financial Services raised $103 million and South Texas Federal Credit Union raised $50 million, Gonzalez said in a news release. said he would receive $10,000.

For Gonzalez, the overall goal of investing is to prevent a continuing “cycle of poverty.”

He hopes the investment will be used as a loan to help low-income and minority borrowers, underserved small businesses, and to develop and maintain affordable housing. I’m here.

Gonzalez also said he hopes the investment will help community development projects.

“These essential funds will help provide opportunities for underserved communities across the country to regain their footing after the pandemic and strengthen their resilience to future shocks,” Yellen said in a release. said. “Today’s announcement is an important step towards expanding access to capital and services and rebuilding and facilitating long-term economic growth.”

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