First Southwest Bank is proud to announce, the U.S. Department of the Treasury’s Community Development Financial Institution Fund (CDFI Fund) recently granted First Southwest Bank more than $227,000 in Bank Enterprise Awards (BEA), the maximum amount presented for this award.
“This program is open to more than 5,700 FDIC-insured institutions and only 102 were awarded this year,” says Kent Curtis, First Southwest Bank CEO. “Truly notable, this award correlates to last year’s progress in aiding our underserved rural Colorado communities, and it is a cycle that gains more momentum each year.”
With plans to invest a portion of the funds into new leadership and entrepreneurial efforts in rural Colorado already underway, First Southwest Bank is eager to invest these funds back into the Doers of rural Colorado — — pioneering new models, markets, and businesses.
Curtis adds, “We’re ecstatic that we can support the dedicated entrepreneurial spirit of rural Colorado, play a role in investing where most banks rarely seek to lend, and proud of the hard work that sets us apart.”
About First Southwest Bank
Serving the San Luis Valley and rural Colorado for more than 100 years, First Southwest Bank offers personal and business banking at their seven branches, with an emphasis on businesses supporting rural communities. First Southwest Bank and their employees actively live-in and give back to our communities, volunteering with more than 40 local organizations, and donating to 115. As a CDFI bank, First Southwest Bank is focused on cultivating valuable relationships, investing in economic and social doers, and fostering a well-lived rural culture. More information about First Southwest Bank is available at fswb.com. Member FDIC, Equal Housing Lender
About the BEA Program
The Bank Enterprise Award Program (BEA Program) rewards FDIC-insured depository institutions for making investments in certified CDFIs as well as in the most distressed communities in the country. In order to receive an award, these banks and thrifts must demonstrate an increase in their investments with at least 30% of their residents having incomes less than the national poverty level and 1.5 times the unemployment rate. The BEA awards help offset some of the risk associated with investing in these distressed communities and provide an incentive to invest. The greater the loan increase, the greater the award. Since its inception in 1994, the BEA Program has awarded grants totaling over $447 million. For more information about the BEA Program, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov/bea.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.3 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the BEA Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund. To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov.