Community Developments Investments
Community Developments Investments Community Developments Investments Community Developments Investments
Community Developments Investments

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This Just In...OCC's Districts Report on New Opportunities for Banks

Northeastern District Image

Northeastern District

John Farrell (617) 482-1643
Denise Kirk-Murray (212) 790-4053

Congratulations to the New Hampshire Community Loan Fund

The New Hampshire Community Loan Fund was selected by USDA Rural Development to receive its “Partner of the Year Award” in 2005. NHCLF was one of the first statewide Community Development Financial Institutions in the country to be certified by the Treasury Department’s CDFI Fund. It has made over 1,000 loans totaling more than $65 million supporting affordable housing, job creation, and community services statewide. USDA Rural Development cited NHCLF’s many loan programs — including its innovative Manufactured Housing Park Program, which helps homeowners in housing parks form cooperatives to take ownership of the land they rent — in support of its award. Last year, NHCLF received a $300,000 Rural Cooperative Development Grant from USDA to help expand that program. For more information, visit

New Venture Fund Emerges in New Jersey

A new venture fund, Garden State Life Sciences Venture Fund, was recently created in New Jersey to fund emerging life sciences companies in the state. The New Jersey Economic Development Authority (NJEDA), a state agency, has entered into a 10-year limited partnership agreement with Quaker BioVentures, a life sciences venture capital fund serving the Mid-Atlantic region, to create and manage the new $10 million fund. The initial funding will be leveraged for an additional $30 million to be used in New Jersey. An integral part of the state’s overall economic development strategy, the venture fund is intended to complement the many other technology investment programs offered by NJEDA. For more information, visit or call NJEDA at (609) 292-1800.

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Central District Image

Central District

Paul Ginger (312) 360-8876
Norma Polanco (216) 447-8866

Louisville Community Development Bank (LCDB)

When is a bank more than a bank? When it’s formed to “stimulate economic growth within…the neighborhoods of Louisville, Kentucky, by providing an array of financial and development resources.” LCDB’s goal of “rebuilding a financially vibrant and fiscally healthy community” is to be achieved through loans to small businesses and homeowners that may not otherwise have had access to capital. LCDB funds its loans solely through certificates of deposits purchased by investors. LCDB offers four types of CDs, including a “Community CD” for the socially conscious investor, and offers a rate from 0 percent to 1 percent for terms up to five years, and a “Market Rate CD” which earns a competitive market rate and also offers a term of up to five years. For more information, contact Lisa Thompson at (502) 778-7000 or

International Institute of St. Louis – Micro Loans & IDAs

The International Institute of St. Louis, an 85-year-old social service agency, operates an economic development program that helps refugees and immigrants build assets and establish businesses. The Business Links Program provides business planning and consulting assistance and now is forming a micro loan fund to finance new immigrant businesses. Since 1999, Business Links has helped more than 120 businesses generate more than $15 million of combined revenue and provide more than 190 jobs. The institute’s economic development initiative also includes an Individual Development Accounts (IDA) program that has helped more than 400 participants save to start a business, purchase a home, or further their education. Banks can make loans to business owners who receive assistance from Business Links, can make an investment in the institute’s micro loan fund, can provide deposit account services for the IDA program, can make business, mortgage, or student loans to IDA participants, and can provide grant funding to support the Institute’s programs. For more information, contact Betsy Slosar at (314) 773-9090, ext. 156 or

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Southern District Image

Southern District

Karol Klim (678) 731-9723 x252
David Lewis (214) 720-7027

Southern Bancorp Invests in the Community

Southern Bancorp is a $500-million development bank holding company that works to transform rural economies by stimulating investments in people, jobs, businesses, and real property. Formed in 1986 with a mission to improve the future of rural Arkansas, Southern has expanded its reach into the Arkansas and Mississippi Delta — one of the nation’s most impoverished regions. Southern’s family of companies offers a full line of financial products and development services to residents, including bank credit, housing development, small business assistance, “nonbank” lending, work force training, asset building, and advocacy for the poor. Financial institutions can support the work of Southern Bancorp by making a deposit into one of its three FDIC-insured financial institutions. The Community Deposit account is a certificate of deposit that pays competitive market rates and may qualify for the CRA credits for the investing institution. Deposits are re-invested in rural communities in the form of development loans that help borrowers start or expand small businesses, purchase homes, and grow crops. As one of the few rural CDFI organizations, Southern uses deposits to fund development loans in distressed communities throughout the region. Direct investments into one of its three affiliated nonprofit organizations are also available. For more information, contact Ben Steinberg at (870) 816-1148 or visit

CD Investments in Houston, TX

Banks interested in participating with Houston area banks to make community development investments can contact one of the multi-bank community development (CDC) entities.  Created and operated by bankers, they provide financing and expertise for community development lending, investment, and services activities. These include: affordable housing, financing for small businesses, area revitalization and stabilization, and support of other community services and facilities that primarily benefit low- and moderate-income families within the CRA assessment area of participating banks. Area multi-bank CDCs include:
Houston Small Business Development Corporation (HSBDC) at (713) 845-2400 or; Third Coast CDC at (713) 503-5124 or; and Texas Mezzanine Fund (TMF) at (214) 943-5900 x 101 or Other Texas cities with multi-bank CDC investment opportunities include Austin, Brownsville, Dallas, Fort Worth, Houston, McAllen, and San Antonio.

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Western District Image

Western District

Susan Howard   (818) 240-5175
Dave Miller (720) 475-7670

Kansas City Revolving Loan Fund Aids Small Businesses

Many small businesses need fixed-asset financing for amounts less than the $120,000 minimum loan amount under SBA’s 504 Certified Development Company loan program. The city of Kansas City, Missouri created the Neighborhood Commercial Revolving Loan Fund (NCRLF) to provide fixed-rate loans for less than $150,000 to small businesses in low- and moderate-income neighborhoods needing revitalization. Banks participate in the NCRLF program by providing loans at market rates for terms of up to 10 years to small business borrowers for 50 percent of the purchase price or cost of improvements; NCRLF loans 40 percent of the cost or a maximum of $50,000 for 10 years at a fixed interest rate of 5 percent using a lien position subordinated to the bank’s lien position. For more information, contact Brian Standage of the Economic Development Loan Corporation at (816) 691-2108 or visit

Nevada Community Development Capacity-Building Initiative

Nevada bankers are launching a new initiative to enhance the state’s nonprofit community development landscape. Nevada is in the midst of an economic boom that has created a need for well-managed nonprofits. While many mature organizations are stretched to capacity, newer organizations have insufficient access to development resources. The bankers have responded by creating the Community Development Capacity Building Initiative. In addition to seeding and cultivating organizations, the Initiative’s training and technical assistance will aid in providing accountability for future bank-funded grants and investments. Training will be provided statewide and tailored to meet the needs of new and mature organizations, with an emphasis on financial management and strategic planning. The bankers view the initiative as a win-win for the nonprofits and the banks — with Nevada residents as the biggest winners. For more information, contact Joselyn Cousins or Nancy Hamilton: or

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