FNBC Bank receives Community Development Financial Institution designation

 In Newsworthy

FNBC Bank has received designation as a Community Development Financial InstitutionCDFI (CDFI), according to CEO and President Marty Sellars. FNBC Bank is one of only three CDFIs in Arkansas.

“We are pleased to have received designation as a CDFI,” said Sellars. “We have served our communities well for over 100 years, and truly believe that we will now be able to take even greater care of our clients in the years to come. We now have a unique opportunity to receive grants that will better equip our institution to fund more loans that help grow and improve the place we love to call home.”

CDFIs are certified through a rigorous process by the CDFI Fund, part of the U.S. Department of Treasury, which indicates that the bank has devoted at least 60 percent of its total lending, services and other activities to benefit low income communities.

According to the Community Development Bankers Association, CDFIs are mission-driven, private-sector financial institutions dedicated to community development, and provide a wide range of products and services targeted to economically distressed communities. Products and services include mortgage financing for low-income and first time homebuyers, flexible underwriting for nonprofit organizations, and commercial loans to expanding businesses in low-income areas.

This designation allows FNBC Bank to be eligible for grant opportunities to ensure fair access to financial resources for underserved people and communities. There are over 1,000 CDFIs throughout the United States providing credit, capital and financial services to economically distressed communities that may otherwise be unavailable through mainstream financial institutions.

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