VCC Announces Bank Enterprise Award Grant
CHRISTIANSBURG, Va. – November 1, 2010 – Community Capital Bank of Virginia, a regulated bank and subsidiary of Virginia Community Capital (VCC), will receive $600,000 from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund through the 2010 Bank Enterprise Award (BEA) Program. The grant will enhance VCC’s support of future investments in community development efforts, offering leverage for a variety of projects across the Commonwealth of Virginia. This is VCC’s second successful BEA grant.
“We are pleased to announce this award for VCC and all of our existing and future partners,” said Jane Henderson, President and CEO of VCC. “These funds will expand our ability to support projects where traditional capital resources are not available. Furthermore, these funds strengthen our mission of offering innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and build sustainable communities. This award is not just for VCC, but for all of Virginia.”
The BEA program was launched in 1994 to create monetary incentives for FDIC-insured financial institutions to increase their community development activities in designated Distressed Communities. The program provides cash awards to applicants demonstrating increased lending and investing activities in low-income communities. For the 2010 awards, 69 depository institutions increased their loans and investments in distressed communities by over $276 million; increased their loan, deposits, and technical assistance to CDFIs by over $53 million; and increased the provision of financial services in distressed communities by over $13 million. This year’s winners were selected among a pool of 76 applications.