Community Development Bank Services and Solutions

Community development banks offer a wide range of services and solutions to support local economic growth. These services include small business loans, microfinance programs, and financial education initiatives.

They provide access to capital for entrepreneurs and small business owners who may not qualify for traditional bank loans. This can be a game-changer for individuals who want to start or grow a business in their community.

Community development banks also offer financial education and training programs to help individuals and businesses manage their finances effectively. These programs can include workshops, one-on-one counseling, and online resources.

By providing these services and solutions, community development banks help create a more equitable and sustainable financial system. They promote economic development and improve the overall well-being of the community.

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We provide financial services to underserved communities through community development banks. Our goal is to promote economic growth and stability in these areas.

We offer a range of financial products and services, including loans, savings accounts, and checking accounts. These products are designed to meet the unique needs of community members.

Our community development banks also provide financial education and training to help individuals and businesses manage their finances effectively. This includes workshops on budgeting, saving, and investing.

At our organization, we work closely with non-certified community development banks that share our commitment to supporting local economic development. These banks are dedicated to serving a particular underserved community.

Many of these banks are Minority Depository Institutions (MDIs), which means they are owned by and serve a socially or economically disadvantaged minority community. They are designated by the FDIC and play a vital role in promoting financial inclusion.

Community Development Banking Institution (CDBI) is another designation used by the National Community Investment Fund (NCIF) to identify US banks that locate branches and provide loans in economically distressed communities. This designation highlights the banks' efforts to revitalize local economies.

These non-certified community development banks are often overlooked, but they are making a significant impact in their communities. By working with them, we can amplify their efforts and create a more equitable financial system.

We're dedicated to giving back to our communities, and one way we do that is through grants. Dollar Bank focuses its support on local geographical regions, including western Pennsylvania, northeast Ohio, the Cumberland Narrows Community in Maryland, and the Hampton Roads community in Virginia.

We prioritize community and economic development, health and human services, youth education and enhancement, diversity, equity and inclusion, senior and veterans support, and support for the arts. Our commitment to these areas has earned us recognition, including the ABA Foundation's Community Commitment Award in the Affordable Housing category for 2023's The Way Home program.

The Way Home has helped thousands of people become homeowners through free educational sessions in each of our markets. This program is an extension of our Homeownership Program, which provides one-on-one credit counseling and down payment and closing cost assistance to aspiring homeowners.

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BofA CDC, LLC has been helping create affordable housing units for over 40 years. It's impressive to think that in that time, they've helped bring over 32,000 units into existence.

Banc of America CDC has been supporting projects from pre-development to property stabilization, making a real difference in the lives of families, veterans, and individuals with special needs.

ShoreBank, founded in Chicago in 1973, is one of the best known community development banks. It had branches in Chicago's South and West sides, Cleveland, and Detroit.

The Grameen Bank of Bangladesh is a microfinance organization and community development bank founded by Muhammad Yunus. It has grown into a family of over two dozen for-profit and nonprofit enterprises.

Other notable community development banks in the US include Beneficial State Bank in Oakland, CA, and Carver Federal Savings Bank in New York, NY. Central Bank of Kansas City in Kansas City, MO is also worth mentioning.

Here are some notable community development banks in the US:

BofA CDC, LLC has been around for more than 40 years, providing support for affordable housing projects.

Their experience spans over four decades, helping create more than 32,000 affordable housing units for families, veterans, and individuals with special needs.

BofA CDC can assist with projects from pre-development to property stabilization, making them a reliable partner for large-scale master developments or standalone affordable housing initiatives.

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We help create and revitalize neighborhoods through loans, tax credit, and financing. Our team is dedicated to supporting affordable housing projects through construction, permanent, and bridge financing.

We provide access to new markets tax credit financing and small business financing to enhance eligible communities. This includes historic tax credits, new market tax credits, low-income housing tax credits, and opportunity zone tax benefits.

Our financing solutions also cater to community-based, not-for-profit organizations in human and social services, special needs populations, and houses of worship. We are a proud approved Title VI lender for the construction of affordable housing.

We provide capital for qualified Community Development Entities and Community Development Financial Institutions. By understanding the diverse needs of the communities we serve, we offer lending and investment solutions that help us all achieve more together.

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