For the fifth year in a row, the U.S. Department of the Treasury’s Community Development Financial Institution Fund granted First Southwest Bank just over $200,000 from the Bank Enterprise Award Program, the maximum amount presented for this award.
Previously, First Southwest Bank has utilized BEA funding to fund the Impact Loan Program at HomesFund. Over the last two years, First Southwest Bank has invested more than $400,000 into the HomesFund’s Impact Loan Program from resources like the BEA.
With First Southwest Bank’s Equity Investment Loan, funds were leveraged to purchase $1.8 million of affordable and sustainable workforce housing for eight low-and moderate-income households in Southwest Colorado. In addition, HomesFund intends to use FSWB’s Equity Investment Loan to fund three more loans which will provide $45,000 ($15,000 each loan) of additional mortgage assistance for low- and moderate-income workforce homebuyers in La Plata County.
First Southwest Bank anticipates using this year’s BEA Award to continue to fund the Impact Loan Program for the HomesFund and rural Colorado communities in 2021.