GREEN BAY, Wis. — Bay Bank received a $300,000 Financial Assistance (FA) award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI). The funds will be used to increase lending and investment activity in low-income and economically distressed communities.
Financial institutions receiving an FA allow CDFIs to sustain and expand their financial products and services. The awards can be used for lending capital, loan loss reserves, capital reserves, financial services and development services.
“Receiving this award will allow us to better serve our customers here in Green Bay and in Keshena,” Bay Bank Vice President Nathan King. “Loan by loan, we are creating better communities and improving people’s lives.”
Bay Bank strives to improve the quality of life in the community by putting customers’ money to work for good causes. The bank also has a long and proud history of standing for its customers’ future.
Nationwide, the CDFI awarded $180.3 million to 265 Community Development Financial Institutions (CDFIs). The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services.