Henderson, KY – Field & Main Bank and Community Ventures Corporation have been awarded $167,877 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This award, part of the fiscal year 2024 Bank Enterprise Award Program (BEA Program), recognizes their efforts to invest in severely distressed communities.
The BEA Program provides financial incentives to FDIC-insured depository institutions that increase investments in Community Development Financial Institutions (CDFIs) or enhance their own operations in economically distressed areas. These areas are defined by a population where at least 30% live below the national poverty level and the unemployment rate is at least 1.5 times the national average.
In the recent assessment period, the BEA Program saw 171 institutions collectively increase their impact by:
- $246.5 million in loans and investments in distressed communities,
- $77.8 million in loans and deposits to CDFIs,
- $55.8 million in financial services provided in distressed areas.
Field & Main Bank and Community Ventures Corporation will use this funding to support initiatives to enhance lending and housing services in severely distressed communities. This award will help further the missions of both organizations in fostering economic opportunities and improving the quality of life for underserved populations.
Lesley Fluke, Field & Main Bank’s Central Kentucky Regional President, added, “We are honored to receive this award from the CDFI Fund. It will enable us to further our mission of supporting local communities and providing essential financial resources to those in greatest need.”
“We are grateful to Field and Main Bank for committing their resources to assist Kentuckians everywhere, but especially in the distressed communities where we work,” said Kevin Smith, President and CEO of Community Ventures Corporation. “They are certainly living their mantra, ‘Community built us–now we’re returning the favor.'”
Learn more about Field & Main Bank at www.fieldandmain.com.
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About Community Ventures Corporation
Founded in 1982, Community Ventures Corporation (CV) strengthens communities and improves the quality of life for Kentuckians by supporting job creation, small business ownership, and home ownership. CV is headquartered in Lexington with branch locations across Kentucky.
About Field & Main Bank
Field & Main Bank is a Kentucky-chartered community bank dedicated to delivering exceptional customer service and building meaningful relationships through Modern Craft Banking. With a commitment to supporting local communities and providing personalized financial solutions, Field & Main Bank strives to be the bank of choice for individuals and businesses alike.
