The First Bank received a $6.2 million Project Grant award from the Department of the Treasury's Community Development Financial Institutions Fund Equitable Recovery Program to provide lending, grant making, and investment activities in low- and moderate-income communities disproportionately impacted by the COVID-19 pandemic. The grant aims to expand The First Bank's capital access and financial services for underserved borrowers and communities through December 2028. As a designated Community Development Financial Institution, The First Bank will utilize the grant funding to increase lending, grants, and investments in economically distressed areas while also building organizational capacity and acquiring technology to further support equitable pandemic recovery initiatives. The award builds upon The First Bank's track record of effectively delivering essential banking and lending services to low-income communities through previous CDFI Fund prime awards and subawards.
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