Supporting Portland Together: Umpqua Bank answers the call



Supporting Portland Together: Umpqua Bank answers the call

In the days immediately following the COVID-19 outbreak, Umpqua Bank responded, joining a coalition of businesses, members of the Oregon Bankers Association and the Portland Business Alliance, to take immediate action in helping small business get through this challenging time.

This fast-acting public-private partnership will provide an additional $1 million and counting to the Small Business Stabilization Fund at Oregon Community Foundation (OCF).

In collaboration with Prosper Portland, the funds will be reinvested into community lending organizations in the city of Portland, providing economic relief for small businesses.

“Small businesses are the heart of Portland and Oregon’s economy, and they’re experiencing unprecedented disruption due to the COVID-19 pandemic," said Cort O’Haver, President & CEO, Umpqua Bank. "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. At a time when so many across our region are experiencing unprecedented financial disruption, it’s important that small businesses know Portland’s broader business community stands with them, and that we’re all in this together.”

COVID-19 RESPONSE:
Umpqua is committed to supporting small businesses across multiple stages, from making grant and micro-lending dollars available through its commitment to the Small Business Relief Fund, to taking steps to support its customers. Last week, Umpqua announced a package of relief and support to help ease the financial burden of COVID-19’s impact on customers, associates and communities.

1. Community Support: Umpqua is pledging $1 million to support basic needs and financial hardship in our communities.
  • We are expediting donations to several COVID-19 Response Funds that focus on ensuring the needs of low-income and culturally diverse residents and workers are met. 
  • We have expanded eligibility for our Community Grants program to offer stability and support for nonprofit organizations, particularly for organizations that have lost fundraising revenue, experiencing increased service demand, and/or reduction in paid and volunteer staffing due to COVID-19.  More information and access to application at www.umpquabank.com/community.
  • We’ve launched a Virtual Volunteer program through Umpqua’s Connect Volunteer Network, which provides associates with up to 40 hour of paid, on-the-clock volunteerism each year. In the current environment, we’ve expanded Umpqua’s Virtual Volunteer program across our footprint to ensure our associates can continue to provide critical volunteer support in a remote setting. Nonprofit organizations seeking virtual volunteers should submit a request at https://www.surveymonkey.com/r/UmpquaVirtualVolunteer.
  • We’ve increased our Associate Giving Match Program to a 3:1 match for associates to give.
2. Associate, Consumer and Small Business Relief
  • Consumer Relief - For consumer customers experiencing financial hardship as a result of COVID-19, Umpqua is deferring loan payments upon request and waiving all fees associated with deferred payments on existing loans and lines of credit for up to 90 days. We’re also waiving ATM fees for all customers.
  • Small Business Relief - Umpqua small business customers impacted by COVID-19 can defer loan payments for up to 90 days and have the related deferral fees waived on deferred loans and lines of credit. We’re also an active participant in numerous Small Business Administration programs, which offer additional avenues of assistance for small businesses.
  • Associate Support - For all associates, we’ve established a pandemic pay bank, providing additional paid time-off for COVID-19-related exposure or sickness, caring for an impacted loved one, as well as for childcare. We’ve also implemented a Retail Frontline Pay program to recognize the dedication of associates who are continuing to deliver in-store customer service during this time.