June 17, 2016
Founded in 1988, the Society’s Community Development Investment (CDI) Program gives small loans (up to $25K) to worthy groups working to better the lives of those in poverty.
The Metro Bank, a Community Development Financial Institution in Louisville, KY, is a small bank supported by CDI. Metro Bank’s mission is to stimulate economic growth within distressed neighborhoods of Louisville by providing resources, including developmental loans. Metro Bank is committed to ensuring that the majority of its operations are within specific underserved communities. Two large-scale projects currently in process are:
In order to share the wonderful works enabled by these loans, the Society we will run a series of short stories highlighting these.
- Home of the Innocents, Phase II – created 182 jobs and added $3.8 million dollars to the total wages for the area.
- Whiskey Row Lofts – created 100 jobs and added $2.7 million dollars to total wages for the area.
Metro Bank also helps build the community surrounding its investment area by lending to non-profit and faith-based organizations. In January, Metro Bank received an “Outstanding” rating from the FDIC. Note: Metro had zero loans past due for 90 days in both 2014 and 2015.