The Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded Southern Bancorp, Inc. a $4,957,678 Project Grant under the Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP, CFDA #21.033). The grant will support Southern Bancorp's efforts to expand lending, grant making, and investment activity in low- and moderate-income communities disproportionately impacted by the COVID-19 pandemic. Funds will also enable the organization to build capacity and acquire technology, staff, and other resources to accomplish grant objectives. The CDFI ERP aims to provide grants to Community Development Financial Institutions for expanding capital access in underserved communities and to borrowers historically lacking access to financial services that were impacted by the pandemic. The grant performance period extends from April 10, 2023 through December 31, 2028.
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