The Mechanics Bank Receives Federal Award For Community Loans
Richmond, California, May 7, 2004
The Mechanics Bank Community Development Corporation announced today that it has received a $26 million allocation for the New Markets Tax Credit Program from the Federal Community Development Financial Institutions Fund. The NMTC Program was established by Congress in December 2000. John Snow, Secretary of the Treasury, awarded 62 organizations out of 271 applicants, $3.5 billion. The Mechanics Bank Community Development Corporation was the only California business (organized and headquartered in the state) to receive an allocation. "This award will allow our organization to expand its nearly 100 year tradition of reaching into new markets underserved by the financial community," said William J. Schwerin, President and CEO of The Mechanics Bank CDC. "We challenged our people to envision a ‘dream’ scenario for what we could do for low-income areas in our communities with this award and that dream is coming true."
The Mechanics Bank Community Development Corporation will use the allocation to expand its lending services to qualifying businesses in low and moderate income areas in Contra Costa, Alameda and San Francisco counties, all in the Bay Area.
The Mechanics Bank CDC will provide loans, commercial financing, real estate financing (including retail, industrial, office space, mixed use housing, for sale housing and community facilities), and financial counseling.
The New Markets Tax Credit Program is designed to attract private-sector capital investment into qualifying low to moderate income urban areas to improve the economy in the area by financing community development projects and stimulate jobs.
For more information regarding The Mechanics Bank Community Development Corporation contact William J. Schwerin at (510) 262-7211. The Mechanics Bank Community Development Corporation is a wholly-owned subsidiary of The Mechanics Bank. Both are headquartered in Richmond, California. A complete list of the 2004 New Markets recipients and additional information can be found here.
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