Awarded a $1.3mm CDFI Grant
September 30, 2013 | by CEO Kat Taylor
Beneficial State Bank is pleased to add a $1.3MM CDFI award to its resources devoted to beneficial banking in Low-Income communities! OPCB gains access to CDFI award programs by virtue of being a registered Community Development Financial Institution (CDFI). There are only about 60 in the banking sector.
This particular award constitutes a "Financial Assistance Award" under which the CDFI Fund provides up to $2 million to certified CDFIs. A CDFI may use the award for financing capital, loan loss reserves, capital reserves, or operations. FA awards are made in the form of equity investments, loans, deposits, or grants.
OPCB will be required to match its FA award dollar-for-dollar with non-federal funds of the same type as the award itself. This requirement enables OPCB to leverage private capital to meet the demand for affordable financial products and services in economically distressed communities. We look forward to posting the results of this support as we deploy loans and other capital in these critical communities!
Learn more about the CDFI awards by reading the full press release.