|Franken, Ellison Announce $1.8 Million for Local Lenders|
|September 29, 2010|
WASHINGTON, D.C. —Today, U.S. Sen. Al Franken (D-Minn.) and U.S. Rep. Keith Ellison (D-Minn.) announced that $1.8 million will go to three Community Development Financial Institutions in the Twin Cities. The funds will be awarded through the Department of the Treasury’s Bank Enterprise Award (BEA) Program, which encourages private investment in low-income and economically distressed communities.
To be eligible for the BEA program, institutions must be in areas where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is at least 1.5 times the national average. The funds will be used to increase lending, investment, and service activities within the communities served by the recipients.
“At a time when small businesses all over Minnesota are struggling to survive, these funds are critical to our communities,” said Sen. Franken. “By investing locally and creating jobs, programs like this bring hope to neighborhoods in Minneapolis and St. Paul that need it the most.”
"The foreclosure crisis has crippled neighborhoods across Minnesota, but few have been as devastated as North Minneapolis. These communities have the greatest need for assistance to bring stability to the housing market,” said Rep. Ellison. “Community banks and credit unions are integral for serving the needs of residents in our distressed communities. We welcome the Treasury Department’s decision to include Franklin National Bank in the Bank Enterprise Award Program.”
The following banks will receive awards:
University National Bank, St. Paul: $600,000