The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund awarded a $230,212 Project Grant to Genesis Bank, a for-profit Community Development Financial Institution (CDFI) located in Benoit, Mississippi, under the Bank Enterprise Award (BEA) Program (CFDA 21.021). The grant funding supports Genesis Bank's efforts to increase investments and support for CDFIs, as well as expand community development financing and service activities in economically distressed communities. Specifically, the bank plans to use the grant funds to establish small dollar loan programs, create loan loss reserves, acquire organizational capacity tools, and deliver targeted financial services to low-income and underserved populations, including minorities and communities with significant unmet capital or financial service needs. Over the past several years, Genesis Bank has received multiple federal grants from the CDFI Fund totaling over $8.4 million, which have enabled the bank to provide approximately $6.2 million in loans, grants, and investments to underserved borrowers.
Mod # | Description | Reason For Modification | Federal Obligation (Click to sort descending) | Date (Click to sort ascending) |
|---|---|---|---|---|
| Not listed | $0 | 10/24/24 | ||
| Not listed | $230.2k | 9/19/24 |