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Community Lending

Lending to Better the Community

New Markets Tax Credits

39 Rainbow Project
Pictured here is the 39 Rainbow Project.

Central Bank has been awarded an allocation of New Markets Tax Credits (NMTC) from the Community Development Finance Institution (CDFI) Fund three times. NMTCs stimulate economic growth and create jobs by attracting private-sector capital investments into highly distressed areas. There are two important principles behind NMTCs. First, there are good business opportunities in distressed communities and these communities constitute a new market opportunity for the private sector. Secondly, a modest federal subsidy can provide the "nudge" needed to persuade the private sector to invest in these markets. Please click on the links below for more information. 

Click here for brochure. Click here for the NMTC Application.

Credit Development Loan

We have some unique lending opportunities for our retail customers in the community. One of these is our CD Loan, or better known as the Credit Development Loan. This loan program is designed to help individuals without a credit history, or those with a poor credit history, to establish and repair their credit. The Credit Development Loan Program enables the borrower to put the funds into a certificate of deposit as security for the loan. The loan is then written at a term not to exceed three years. Upon repayment of the loan, the CD can be used as down payment of a home or for whatever purpose the borrower initially stated.