Independent Banker - February 2023 - 58
M&F Bank plans to lend a
minimum of $31 million
annually to underserved
customers and small
businesses, says James Sills,
president and CEO.
participant in nondepository CDFI
loan transactions. "
Ponce Bank has started making
loans directly to other CDFIs for
specific activities and has created an
advisory board of CDFI executives to
help guide its efforts.
M&F is partnering with other
CDFIs on loan opportunities, Sills
says, and is providing additional
direct banking services to those firms.
Ultimately, the ECIP funding that
these and other community banks
have received is supercharging
missions they've long embraced.
" We've always provided loans to
small food, retail, grocery, bodegatype
businesses in communities in
Philadelphia that perhaps other
people have felt are a little bit
challenging to do business [with], "
Wang says. " [ECIP] is really an
extension of what we have been doing
and allows us to do more of it. "
Mindy Charski is a writer in Texas.
What are MDIs and CDFIs?
The Emergency Capital Investment Program (ECIP) supports the
efforts of minority depository institutions (MDIs) and community
development financial institutions (CDFIs). How do banks gain
these designations?
The FDIC says a federal insured depository institution can
qualify for MDI status in two ways. First, if 51% or more of its voting
stock is owned by minority individuals. Or, if a majority of its
board of directors is minority and the community that it serves is
predominantly minority.
Meanwhile, " specialized organizations that provide financial
services in low-income communities and to people who lack
access to financing " can earn the CDFI designation, according to
the Department of the Treasury.
It's no coincidence that ECIP targets MDIs and CDFIs. Treasury
press releases have noted that these institutions already " specialize
in delivering responsible capital, credit and financial services to
underserved communities " and " often make smaller loans and
work with borrowers who face barriers in our economy and may
require more time-intensive and personalized technical support. "
Photo: Mehmet Demirci
independentbanker.org // 57
http://www.independentbanker.org
Independent Banker - February 2023
Table of Contents for the Digital Edition of Independent Banker - February 2023
Table of Contents
Independent Banker - February 2023 - Cover1
Independent Banker - February 2023 - Cover2
Independent Banker - February 2023 - Table of Contents
Independent Banker - February 2023 - 2
Independent Banker - February 2023 - 3
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