FNBC Bancorp awarded $600,000 by U.S. Treasury Department’s CDFI Fund
FNBC Bancorp, the holding company for FNBC Bank, has been awarded a $600,000 Financial Assistance (FA) grant by the U.S. Treasury Department’s CDFI fund for its service to rural and underserved communities. This grant will allow FNBC to increase lending and investment activity in low-income and economically distressed communities.
“We are excited to receive another award from the CDFI Fund,” said FNBC President and CEO Marty Sellars. “These funds have allowed us to empower our communities in unique ways, and we will continue to invest in small businesses that help grow our local economies.”
FNBC applied for and received CDFI designation in 2016, and has since been awarded three grants totaling over $1.4 million.
For the fiscal year 2018 CDFI Program, the CDFI Fund awarded $165 million in Financial Assistance and Technical Assistance to 264 organizations in 45 states, the District of Columbia and Puerto Rico. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services.
About the CDFI Fund:
Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.