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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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