The Fund, which awarded nearly $10 million to 53 financial institutions this year, focuses on improving the economic and living conditions of underserved communities by strengthening the financing, capacity and sustainability of a nationwide network of financial institutions called CDFIs that serve our nation’s low-income communities. The Fund’s mission is to expand the capacity of these institutions to provide capital, credit and financial services to underserved populations and communities in the United States.
Wachovia was recognized for providing $15.2 million in financial assistance to CDFIs. Organizations that received support from Wachovia include the Self Help Ventures Fund in Durham, N.C. and the Local Initiative Support Corporation (LISC), based in New York City. Wachovia provided a $10 million loan to Self Help and awarded a $1.5 million grant to LISC.
“We’re pleased to be recognized by the Treasury Department for our commitment to making neighborhoods stronger through our partnerships with CDFIs,” said Mike Rizer, Wachovia Director of Community Relations. “We know that these organizations create positive change in communities. We’re proud to be a part of this work.”
Wachovia will use the CDFI award funds to support future investments in community development projects, continuing to leverage additional sources of capital to fund a variety of projects across the markets where the company operates.
Since the BEA Award program’s inception in 1996, Wachovia has extended over $121.6 million in debt, equity and grants to 64 CDFIs and has earned over $12.2 million in BEA awards.
Wachovia’s support for CDFIs also includes its sponsorship of the annual National Community Capital Association CDFI Excellence Awards, which recognize and honor excellence among CDFIs. The 2005 awards will be held Oct. 20 in Los Angeles at the National Community Capital Association’s annual conference.
For more information about Wachovia’s awards, visit the Fund’s Web site at: http://www.cdfifund.gov.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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