Project Grant 241BE066402G

Award Date 9/19/24
Completion Date 12/31/25
Dollars Obligated $280K
Federal Grant Program
21.021
Assistance Type
Project Grant
Place of Performance
United States
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The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund awarded a $280,369 Bank Enterprise Award (CFDA 21.021) to River Bank & Trust on September 19, 2024. The funding is intended to support the bank's increased investments and activities to provide community development financing and services in economically distressed communities.

Specifically, the grant funding will allow River Bank & Trust to expand its lending, grant-making, and investment activities in low- and moderate-income areas, with a focus on supporting minority borrowers and promoting economic resilience. The bank plans to use the funds to increase its investments in certified CDFIs, provide financial assistance and technical support to businesses and residents in economically challenged communities, and build organizational capacity through technology acquisition and staff development. These efforts aim to address critical financial service needs and spur economic development in underserved areas.

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