BANK OF CHEROKEE COUNTY
Grant: $796,522 - Community Development Financial Institutions - Jul. 1, 2009
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Award Description: We received a $730,000 grant which was allocated to capital, loan loss reserves, and financial literacy education. We received an award of $66,522 to purchase computer hardware and software. A small award was granted for employee training.
Project Description: Due to the $730,000 in FA and $66,522 in TA, we have been allowed to greatly increase our lending capabilities. Since this money has been obtained, we have loaned $3,686,535.13. Out of these loans, 62.96% of these customers are Native American and members of our target market. For the quarter, the funds have allowed us to increase our lending by $1,342,000 (this lending would not have occurred without this assistance). These funds have allowed us to greatly increase lending in our target market. In addition, the TA will allow us to obtain document imaging technology. It will allow us to image all of our loan documents and will enable employees to provide service to our customers instead of transporting files between our different branches.
Jobs Summary: Due to the funds received, there have been 41 jobs that have been retained. We recently financed a shopping/business center that includes numerous businesses. The NAICS codes are listed below. Included in the jobs are a jewelry store, restaurants, fitness center, salon, and finance company. (Total jobs reported: 41)
Project Status: More than 50% Completed
This award's data was last updated on Jul. 1, 2009. Help expand these official descriptions using the wiki below.
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