For the 5th year in a row, we are proud to announce the U.S. Department of the Treasury's Community Development Financial Institution Fund (CDFI Fund) recently granted us over $200,000 from the Bank Enterprise Award Program (BEA), the maximum amount presented for this award.
“Having received the BEA for six years and the maximum amount of the award for the past five years, we’re proud to continue propelling opportunities for financial stability and strength in rural Colorado regions that are often underserved and economically underlooked,” says Kent Curtis, First Southwest Bank CEO. “We’re eager to continue implementing every tool available to aid our rural Colorado communities and are eager to work with impactful programs like the HomesFund in Durango.”
Previously, First Southwest Bank has utilized BEA funding to fund the Impact Loan Program at HomesFund, a nonprofit CDFI that offers a variety of affordable housing programs to residents of Southwest Colorado. Over the last two years, First Southwest Bank has invested more than $400,000 into the HomesFund's Impact Loan Program from resources like the BEA.
With First Southwest Bank’s Equity Investment Loan, funds were leveraged to purchase $1.8 million of affordable and sustainable workforce housing for eight low-and moderate-income households in Southwest Colorado. In addition, HomesFund intends to use FSWB's Equity Investment Loan to fund three more loans which will provide $45,000 ($15,000 each loan) of additional mortgage assistance for low- and moderate-income workforce homebuyers in La Plata County.
First Southwest Bank anticipates using this year’s BEA Award to continue to fund the Impact Loan Program for the HomesFund and rural Colorado communities in 2021.
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced nearly $25.2 million in awards to 138 FDIC-insured banks, through the fiscal year (FY) 2020 round of the Bank Enterprise Award Program (BEA Program), for increasing investments in underserved communities.
Pictured, Lisa Bloomquist of the HomesFund, and Victoria Mordan and Brenna Morlan of the First Southwest Bank Durango branch.