NEIGHBORHOOD NATIONAL BANK RECEIVES BUSINESS ENTERPRISE AWARD
EL CAJON, Calif., Sept. 27, 2023 /PRNewswire/ -- Neighborhood National Bank (NNB) announced today it has received a Business Enterprise Award (BEA) from the U.S. Department of Treasury's Community Development Financial Institution Fund (CDFI Fund) in the amount of $451,025.
NNB, the first nationally chartered CDFI, and only financial institution CDFI in San Diego County, was one of only 184 BEA Award recipients nationwide. NNB received the grant based on providing qualified loans to small businesses in distressed communities in San Diego County. This award follows NNB's parent company, Neighborhood Bancorp receiving a $3.7 million Equitable Recovery Program (ERP) grant in April of this year that was recently funded by the CDFI Fund.
NNB CEO Scott Andrews commented that "Neighborhood is committed to serving small businesses owned by minorities, women and veterans as well as to providing grants to promote business education among minority youth in our communities and in promoting economic growth in areas where help is most needed."
NNB's mission is the provide loans and other financial services to minority-owned, women-owned, and veteran-owned small businesses in low and moderate income communities in San Diego and Southern California. Last year 91% of loans funded by NNB were in qualified distressed communities, and funds from both the BEA and ERP awards will be used to continue lending and charitable giving in communities where the need is greatest.
NNB Chairman Steve Taylor commented that "Neighborhood's long history of support for low income communities in San Diego is remarkable and will continue with these prestigious awards received."
For Further Information Contact:
Scott R. Andrews
President & CEO, Neighborhood Bancorp
[email protected]
619-789-4423
SOURCE Neighborhood National Bank
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