What is it?
The Neighborhood Investment Fund (NIF) is a mission-related deposit vehicle of Neighborhood National Bank (NNB) that exclusively utilizes your deposits to make loans to businesses and individuals in under-served San Diego communities.
How does it work?
Any depositor, whether it is a business or individual, can designate their deposits for the NNB Neighbhoorhood Investment Fund at no cost. There is really, no other change in the way the deposits are handled.
NNB promises that all money deposited into the NIF fund be used exclusively for loans to businesses and individuals, who will use the money in under-served census tracts within San Diego County, whether to build housing, create jobs, start or expand a business or any other use that is intended to improve the community.*
It's a very simple idea; we're a community development bank. The community is an essential part of our reason for being. If our depositors want their money to stay here, to be loaned to other San Diegans, and to be used to benefit these areas, we'll see to it that happens, and these under-served communities do benefit as a result.
NNB can do this because we are a very hands-on community bank. There's nothing remote about our operations. We pay close attention to each of our customers, whether they are investing their money here or borrowing from us. We know where our deposits are coming from and where they are being used, almost off the tops of our heads. Large banks can't do that.
NNB will be accountable about how the Neighborhood Investment Fund is used, both to investors and to the community. Regular reports are planned, featuring the improvements that the fund's investments bring about.
*Please note that if you choose the NIF, rates paid into this fund may be slightly less than our posted rates due to its designated purpose.