FOR IMMEDIATE RELEASE
NEIGHBORHOOD NATIONAL BANK RECEIVES BUSINESS ENTERPRISE AWARDEl Cajon, California - (September 27, 2023) – Neighborhood National Bank (NNB) announced today it has received a Business Enterprise Award (BEA) from the U.S. Department of Treasury’s Community Development Financial Institution Fund (CDFI Fund) in the amount of $451,025.NNB, the first nationally chartered CDFI, and only financial institution CDFI in San Diego County, was one of only 184 BEA Award recipients nationwide. NNB received the grant based on providing qualified loans to small businesses in distressed communities in San Diego County. This award follows NNB’s parent company, Neighborhood Bancorp receiving a $3.7 million Equitable Recovery Program (ERP) grant in April of this year that was recently funded by the CDFI Fund.
NNB CEO Scott Andrews commented that “Neighborhood is committed to serving small businesses owned by minorities, women and veterans as well as to providing grants to promote business education among minority youth in our communities and in promoting economic growth in areas where help is most needed.”
NNB’s mission is the provide loans and other financial services to minority-owned, women-owned, and veteran-owned small businesses in low and moderate income communities in San Diego and Southern California. Last year 91% of loans funded by NNB were in qualified distressed communities, and funds from both the BEA and ERP awards will be used to continue lending and charitable giving in communities where the need is greatest.
NNB Chairman Steve Taylor commented that “Neighborhood’s long history of support for low income communities in San Diego is remarkable and will continue with these prestigious awards received.”For Further Information Contact:
Scott R. Andrews
President & CEO, Neighborhood Bancorp
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NEIGHBORHOOD BANCORP RECEIVES $3.7 MILLION GRANT FROM CDFI EQUITABLE RECOVERY PROGRAM
Neighborhood Bancorp (NB) announced today it has been awarded a grant from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) through the CDFI Equitable Recovery Program (CDFI ERP). NB was one of 603 CDFI’s across the country to receive a portion of the $1.73 billion in grants awarded under the CDFI ERP.
Neighborhood National Bank, NB’s community bank subsidiary, is San Diego County’s oldest community bank, serving San Diego County since 1997, when it became the first nationally chartered CDFI in the country. Neighborhood’s mission has always been to serve minority, women and veteran owned businesses and individuals in low and moderate-income communities throughout San Diego County, and the Bank has enjoyed a long history of providing much needed banking and financial services in traditionally underbanked minority communities. President and CEO Scott Andrews stated, “we are very pleased to receive this ERP award which will boost our efforts to assist small businesses, particularly those in low and moderate income areas that have been most affected by the pandemic”.
During the pandemic, Neighborhood funded over $75 million of Paycheck Protection Program (PPP) loans to small businesses at an average loan size of less than $100,000, preserving over 8,000 jobs for small businesses, a majority of which were located in low and moderate-income areas. In 2022, nearly 80% of loans funded by the Bank were in low income and persistent poverty census tracts as identified under CDFI guidelines.
Proceeds of the ERP grant will be used to increase lending and other investments in markets that have been and continue to be impacted by the effects of COVID and its aftermath. CEO Andrews commented that “Neighborhood is committed to serving local, small businesses and will continue to help them grow and prosper during these challenging times”.For further information contact: Scott R. Andrews, President & CEO
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