Lake Forest, CA – Clearinghouse Community Development Financial Institution (CDFI), announced today its partnership with State Bank of India, who extended a $12 million loan facility to help finance impactful, CRA eligible community development projects.
“We are proud to support the work of Clearinghouse CDFI, a mission-based lender who has completed 1,540 community development projects and serves over 813,000 individuals in blighted areas,” said Anil Aurora, Vice President of State Bank of India.
Clearinghouse CDFI, who has already leveraged 100% of the funds into redevelopment and revitalization projects in accordance with their loan policies, recently surpassed $1 billion in total cumulative lending. The company also opened two additional offices in Oakland and Los Angeles.
“We appreciate State Bank of India’s support of our mission and welcome the opportunity to finance more impactful projects,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “We look forward to continuing to work with State Bank of India to improve our communities.”
Clearinghouse CDFI’s mission is to provide economic opportunities and improve the quality of life for lower-income individuals and communities through innovative financing that is unavailable in the conventional market. To date, Clearinghouse CDFI has financed a total of $1.1 billion in loans for 1,540 projects benefiting over 813,000 individuals. Clearinghouse CDFI loans have created or retained 11,540 jobs and developed or rehabilitated 9.9 million square feet.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)
Clearinghouse CDFI addresses unmet credit needs in California and Nevada by bridging the financing gap between conventional lending standards and the needs of low-income families and communities. More information is available at: www.clearinghousecdfi.com.
ABOUT STATE BANK OF INDIA
State Bank of India (SBI), with a 208 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, consumers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.60% ownership. The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an Act of Parliament to succeed the Imperial Bank of India.
The State Bank Group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 190 foreign offices spread over 36 countries across the world. As of 31st March 2014, the group had assets worth Rs. 23,95,981 crores, deposits of Rs. 18,38,852 Crores and capital & reserves in excess of Rs. 1,47,371 crores. The group commands over 23% share of the domestic Indian banking market.