The Federal Grant Award, with ID 241BE066343G, was provided by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund under the Bank Enterprise Award (BEA) Program (CFDA 21.021). The $280,369 Project Grant was awarded on September 19, 2024, to Progressive National Bank, a for-profit Subchapter S Corporation located in Mansfield, Louisiana. The purpose of the BEA Program is to incentivize FDIC-insured depository institutions to increase their investments and support for certified CDFIs, as well as to expand their community development financing and service activities in the most economically distressed communities. Through this award, Progressive National Bank will use the funds to provide targeted assistance, including loans, equity investments, deposits, and grants to CDFIs, as well as direct lending, investing, and counseling programs for low-income residents and small businesses in economically distressed areas. The bank's activities are focused on delivering financial support and services to communities facing significant economic challenges, with a strong emphasis on localized economic development and recovery initiatives.
Mod # | Description | Reason For Modification | Federal Obligation (Click to sort descending) | Date (Click to sort ascending) |
|---|---|---|---|---|
| Not listed | $0 | 10/25/24 | ||
| Not listed | $280.4k | 9/19/24 |