The Department of the Treasury's Community Development Financial Institutions Fund awarded $208,379 under the Small Dollar Loan Program (CFDA 21.025) Project Grant to Mountain Valley Bank on September 27, 2022.
Through this award, Mountain Valley Bank will establish a loan loss reserve and receive technical assistance to develop and maintain a small dollar loan program through December 2025. The program aims to increase access to affordable capital and credit-building opportunities for underserved communities through small dollar loans as an alternative to high-cost options. Expected outcomes include helping more individuals establish mainstream credit histories and financial inclusion. As the sole recipient, Mountain Valley Bank will directly provide the small dollar loan products and services to end users.
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