$100,000 Equity Investment Benefits Distressed Communities in Phoenix, Arizona
LAKE FOREST, CA – May 24, 2016 – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today a $100,000 equity investment from Enterprise Bank & Trust. With $3.5 billion in assets, Enterprise Bank & Trust serves over 15,000 families across the St. Louis, Kansas City, and Phoenix areas. This is the bank’s inaugural investment in Clearinghouse CDFI. As a new Class A Shareholder and community partner, Enterprise Bank & Trust’s equity investment increases Clearinghouse CDFI’s capacity to leverage and make loans that address unmet credit needs in Phoenix, Arizona.
“We welcome this new partnership with Enterprise Bank & Trust. Their commitment to community development helps Clearinghouse CDFI continue its mission of building healthy communities, particularly in the Phoenix area,” said Douglas Bystry, Clearinghouse CDFI President and CEO.
Clearinghouse CDFI will use Enterprise Bank & Trust’s investment to support loans for projects that provide measurable community benefit. This includes community facilities, affordable housing, commercial real estate, and small businesses. Examples of similar projects previously financed in Arizona by Clearinghouse CDFI include:
- Apache Railway – a $2.5 million loan for the preservation of the historic Apache Railway
- Mercado San Agustin – a $2.4 million loan for a small business public marketplace to serve the distressed area of Tucson with local goods
- NTUA Wastewater Treatment Facility – $12.8 Million in New Markets Tax Credits for the construction of a new facility that will process waste water in an environmentally sustainable manner without a rate increase for some of America’s most low-income families
“Enterprise Bank & Trust is committed to managing our business and community relationships in ways that positively impact the communities where we live and work,” said Robyn Heidger, Director of Diversity and Inclusion for Enterprise Bank & Trust. “We are excited to partner with Clearinghouse CDFI to support their mission to finance and support innovative projects that bring assets and opportunities to the underserved.”
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations in the Western United States. Rated ‘AA’ Stable by Standard & Poor’s Ratings Services, Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities. Over the course of 19 years, Clearinghouse CDFI has funded $1.2 billion in total loans for over 1,650 projects which have created or retained more than 13,800 jobs and benefit over 1 million individuals. Clearinghouse CDFI is also a B Corp—a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. Today, Clearinghouse CDFI has over $270 million in assets. More information is available at: www.clearinghousecdfi.com.
ABOUT ENTERPRISE BANK & TRUST
Enterprise Financial operates commercial banking and wealth management businesses in metropolitan St. Louis, Kansas City and Phoenix. Enterprise is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals. www.enterprisebank.com
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
Download the PDF here: Enterprise Bank Trust PR – FINAL
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