First Eagle Bank
First Eagle Bank is an entrepreneurial, independent bank focused on developing long lasting relationships with their customers, and community. They take an active role in their community and have received an "Outstanding" Community Reinvestment Act (CRA) rating. First Eagle Bank is committed to providing credit, capital and financial services to underserved communities. Their staff is personally committed and involved with non-profits that assist people in their communities.
NCIF invited 10 partner CDFI and Minority Banks to identify small business customers that are integral to their local communities and needed support to sustain their respective businesses through the pandemic. NCIF used over $100,000 of its own funds to pilot an unrestricted microgrant program as gap funding to these customers. Our first batch of microgrants was given to social entrepreneurs, retail businesses, community facilities, affordable housing organizations, arts nonprofits, and other small businesses across the country. These CDBA members are First Southwest Bank, Carver Federal Savings Bank, City First Bank of DC, Community Bank of the Bay, First Eagle Bank, Industrial Bank, Native American Bank, Providence Bank & Trust, Southern Bancorp, and United Bank.
The Federal Home Loan Bank of Chicago (FHLBank Chicago) this week announced more than $900,000 was awarded through its Community First® Capacity-Building Grant Program to 21 nonprofit community development lenders working in Illinois or Wisconsin. Grants are used to help strengthen a nonprofit community development lender's financial position, operational efficiency, and/or human capital to support the affordable housing and/or economic development programs the organization provides to the local communities in which they, and the member financial institution, serve. Grant recipients include CDBA members First Eagle Bank and Bay Bank.
This week's CDBA Storybank video highlights First Eagle Bank in Chicago, Illinois. Its featured client, MDC Economic Development Corporation, specializes in public housing renovation in the city's most underserved areas. MDC is part of the Do For Self Community Development Corporation, an initiative to train, employ, and develop former gang members, ex-offenders, and other socially disenfranchised members of the community so they can transform the communities they live in while earning a legitimate income. Watch the video here.