Enterprise Financial CDE, a subsidiary of Enterprise Financial Services Corp, has secured a $60 million allocation of New Markets Tax Credits (NMTC) from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. The credits will be used to support community development projects and qualified businesses in low-income and underserved communities. According to Enterprise Bank & Trust, the NMTC program spurs $8 of private investment for every $1 invested.
This marks Enterprise Financial CDE's sixth NMTC allocation, bringing the total to $303 million. The previous allocations have supported 56 significant projects across Enterprise's footprint, creating and retaining over 9,900 quality jobs and providing essential community services to more than 77,000 underserved residents over the past decade.
The CDFI Fund, a branch of the U.S. Department of the Treasury, aims to promote economic revitalization and community development in low-income areas. The highly competitive NMTC program has been instrumental in attracting private sector capital to economically distressed and underserved communities for over two decades.
"We look forward to the next step of our allocation award, which is collaborating with community leaders to select the deserving projects that receive this subsidized funding," said Abby Kepple, Executive Director of Enterprise Financial CDE. "This allocation allows our CDE to build on the impact of what has already been accomplished using this uniquely beneficial economic development program, and to continue making a lasting impact on our small businesses, organizations, and underserved metro and rural communities."
Enterprise Financial CDE focuses on investing in small businesses to boost job opportunities and foster economic development in highly challenged communities. The organization has a nationwide service area, with a strong emphasis on states such as Arizona, California, Illinois, Kansas, Missouri, Nevada, Texas, New Mexico, and surrounding areas.
The $60 million allocation of New Markets Tax Credits will further support Enterprise Financial CDE's mission of driving economic growth and creating opportunities in underserved communities across the country.