For the third consecutive year, Community Capital Bank of Virginia, a regulated bank and subsidiary of Virginia Community Capital (VCC), will receive a grant from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund through the 2011 Bank Enterprise Award (BEA) Program. This year’s funding, $500,000, the maximum amount awarded, will provide crucial leverage for a wide range of projects across Virginia. The grant was announced on November 9 and 77 institutions across the country received awards.
“The BEA Program is a perfect example of well-targeted funding that provides important incentive and capital resources,” said Jane Henderson, President and CEO of VCC. “The primary goal of the initiative is to increase lending, investment, and service activities within economically distressed communities. VCC has done just that with our 2010 grant and we will build upon these same activities with the 2011 award.”
Additionally, Union First Market Bank of Ruther Glen, Virginia, received their $30,000 grant because of their financial support of VCC’s Community Capital Bank of Virginia. The CDFI Fund was established in 1994 and has awarded nearly $1.3 billion through its community development offerings including the BEA Program, a CDFI Program, and the Native American CDFI Assistance Program. For the 2011 awards, the average award is $285,000.