The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund awarded a $280,369 Project Grant to Locus Bank, Inc. (doing business as VCC Bank) under the Bank Enterprise Award (BEA) Program (CFDA 21.021). This grant supports Locus Bank's efforts to increase investments and support to certified Community Development Financial Institutions (CDFIs) as well as expand its lending, investing, and service-related activities in economically distressed communities. The award period runs from September 19, 2024, through December 31, 2025. Through this funding, Locus Bank will provide financial assistance and technical support to CDFIs, including equity investments, equity-like loans, grants, stock purchases, loans, deposits, and other forms of financial assistance. The grant aims to stimulate economic development, support local businesses and residents, and create pathways for financial growth and stability in underserved regions.
Mod # | Description | Reason For Modification | Federal Obligation (Click to sort descending) | Date (Click to sort ascending) |
|---|---|---|---|---|
| Not listed | $0 | 10/24/24 | ||
| Not listed | $280.4k | 9/19/24 |