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19 Arkansas Banks and Lenders to Split $72.65M in GrantsLock Icon

1 min read
U.S. Treasury Building
<p>The U.S. Treasury Building in Washington, D.C.</p> ( Steve Heap/Shutterstock)

Nineteen Arkansas banks and other lenders will split $72.65 million in grants from the U.S. Treasury’s Equitable Recovery Program, the Treasury announced last week.

The grants to Arkansas lenders range from $1.32 million to $6.20 million. Southern Bancorp Inc. and its nonprofit affiliate, Southern Bancorp Capital Partners, were each granted almost $5 million. Nationally, 603 certified Community Development Financial Institutions with a proven record of serving low- and moderate-income communities were approved for a total of $1.73 billion.

The Equitable Recovery Program was part of the Consolidated Appropriations Act of 2021 and is designed to help certified Community Development Financial Institutions “expand lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic” and “catalyze growth in the financial and organizational capacity of CDFIs for the purpose of carrying out equitable recovery activities.”

U.S. Treasury’s Equitable Recovery Program Grant Recipients
<p>Source: U.S. Department of the Treasury</p> ()
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