Washington, DC – August 24, 2009 – (RealEstateRama) — U.S. Senators Blanche Lincoln and Mark Pryor and U.S. Representative Marion Berry (AR-01) today announced that First Bank of the Delta in West Helena has been selected to receive $700,000 through the U.S. Treasury Department’s Bank Enterprise Award (BEA) Program. The funds will help First Bank provide affordable home mortgages, affordable housing development loans, education loans, home improvement loans, and small business loans.
“All Arkansans deserve the chance to achieve their goals, whether they aim to own a home, run a small business, or go back to school. These funds will help East Arkansas residents gain easier access to loans and mortgages for housing or education needs. As a native of Helena-West Helena, I’m particularly pleased to announce these federal funds, and I remain committed to ensuring our state has the support and resources we need to support our local communities,” said Lincoln.
“For a person looking to buy a home for their family, start their own business, or complete their degree, even a small loan can make a big difference. These federal dollars will help East Arkansans turn their dreams into reality,” Pryor said.
“This funding will be used to finance and support community and economic development activities by increasing lending and investment,” said Berry. “When individuals and small businesses have access to affordable capital they are able to reinvest in their community, which is essential for spurring economic growth.”
First Bank of the Delta is a federally chartered, certified CDFI (Community Development Financial Institution) bank with $205 million in assets.
The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase their level of support to certified CDFIs and/or increase their provision of loans, investments and financial services in distressed communities.
Lincoln, Katie Laning Niebaum, 202-224-4843
Pryor, Michael Teague, 501-324-6336
Berry, Angela Guyadeen, 202-226-7625