Southern Bancorp Awarded $2M by Treasury CDFI Fund

Darrin Williams

Southern Bancorp Inc., one of the nation’s largest Community Development Financial Institutions, announced Monday that it has been awarded $2 million, the maximum available under the Financial Assistance program of the U.S. Treasury’s CDFI Fund.

The awards are presented after evaluations based on a CDFI’s abilities and success in providing financial access to underserved communities. This year’s totaled more than $200 million to 195 organizations.

“This award will be used to further Southern’s mission of creating economic opportunity by increasing lending capacity in our communities, with a focus on providing much-needed financing to entrepreneurs who are growing their businesses and creating jobs,” Darrin Williams, CEO of Southern Bancorp Inc., said.

The annual awards help the CDFI Fund to fulfill its purpose by helping CDFIs build capacity and serve communities who lack access to responsible financial services.

“This award will provide additional resources to help entrepreneurs get off the ground, help existing businesses grow, and help families build the net worth necessary to create generational financial strength,” Williams said.