Grandpoint Bank Makes $500,000 Equity Investment in Clearinghouse CDFI
As a community-focused bank, we are committed to helping build strong, stable businesses that create jobs, provide services and support healthy communities. In keeping with that mission, Grandpoint Bank has made a $500,000 equity investment in the Clearinghouse Community Development Financial Institution (Clearinghouse CDFI). This investment will help Clearinghouse CDFI continue to provide community development lending in underserved communities in Southern California and Arizona.
“CDFI has the expertise and experience to identify critical needs in low-income and distressed communities and to create responsive and innovative solutions that make a real difference in people’s lives,” says Darlene Esquerra, Senior Vice President and Community Development Officer. “This relationship made perfect sense for Grandpoint, since Clearinghouse CDFI offers economic opportunities in so many of the same markets that we serve. Our investment will benefit these communities while supporting our overall community outreach program.”
Grandpoint Bank and 49 other financial institutions are “impact partners” whose investments increase Clearinghouse CDFI’s capacity to continue meeting unmet credit needs. At September 30, 2016, the institution had total assets of $339 million under management.
“We are thrilled to welcome Grandpoint Bank to our list of strong community partners,” said Douglas Bystry, Clearinghouse CDFI President and CEO. “We appreciate their significant investment in Clearinghouse CDFI and their mutual commitment to revitalizing our local communities.”
Over the course of 20 years, Clearinghouse CDFI has funded $1.4 billion in loans for over 1,780 projects, which have created or retained more than 16,000 jobs and benefit over 1.4 million individuals.
“This partnership is exciting, and it is a perfect fit with our bank’s community reinvestment act (CRA) strategy to give back to our communities in ways that are truly meaningful,” says Cynthia Mendoza, Senior Vice President and Compliance & CRA Officer.
Recipients of Clearinghouse CDFI financing include community facilities, affordable housing, commercial real estate, and small businesses. Additionally, Clearinghouse CDFI is one of largest participants in the New Market Tax Credit (NMTC) Program, with over $473 million of NMTC allocation deployed throughout California and Nevada. The NMTC Program helps economically distressed communities attract private capital by providing a Federal tax credit to investors.
Visit the Clearinghouse CDFI website here.
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Posted on March 13, 2017, in Charity, Clients and tagged affordable housing, Clearhouse CDFI, commercial real estate, community facilities, community reinvestment act, Douglas Bystry, healthy communities, impact partners, New Market Tax Credit. Bookmark the permalink. Leave a comment.