Legacy Bank & Trust is pleased to announce that its affiliate, Legacy Economic Growth Fund, has been awarded $60 million of New Markets Tax Credits by the CDFI Fund, an arm of the US Treasury, under the 2020 Allocation Round.
Legacy Bank & Trust is a certified Community Development Finance Institution (CDFI) and Community Development Entity with a national service area focus on serving the needs of low-income communities, particularly those in Kansas and Missouri. Legacy Bank & Trust, through its CDFI activities, has provided over $307MM to 1,166 businesses over the last five years, with 86% of that funding focused specifically toward disadvantaged businesses and communities. With this allocation award, Legacy Economic Growth Fund will provide small business loan products and larger equity equivalent loans to facilitate community development in highly disadvantaged neighborhoods, primarily in minor-urban and rural areas within the targeted service area.
Legacy Bank & Trust and it’s affiliate, Legacy Economic Growth Fund, have participated in New Market Tax Credit projects in Southwest Missouri and across the Midwest for the past few years. “Legacy Bank and Trust brought the first New Market Tax Credit loans to the area and Legacy Economic Growth Fund is the first Community Development Entity to ever receive an allocation of New Market Tax Credits in Southwest Missouri”, said Brett Magers, President of Legacy Bank and Trust.
The NMTC Program is a powerful federal economic development tool designed to promote development into America’s underserved and distressed communities. New Markets Tax Credits (NMTCs) generate private equity when leveraged with other sources of capital to create flexible financing structures for projects in these areas. Federal data show that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development of these communities.
“We are excited to have been selected by the CDFI Fund to be a steward of this very important economic resource. It comes to us at a time when our communities are significantly in need of access to flexible capital options to support recovery and resiliency. Working together with community partners, we foresee truly exceptional opportunities to stimulate long term growth and stability,” said John Everett, Chief Executive Officer of Legacy Bank & Trust.
“This allocation award provides Legacy Economic Growth Fund with significant resources to aid small businesses and support the vision of our communities as they strive to stabilize and grow,” noted Brandon Taylor, Manager of Legacy Economic Growth Fund. “So much has happened to impair our low-income communities since the advent of the pandemic. We are looking forward to bringing this resource to bear in our efforts to support positive forward moving change.”
About Legacy Bank & Trust:
Since our first bank opened its doors, our vision has been to surpass standards in banking for our customers as well as local businesses so they have the ability to help our communities thrive. Through a dedication to innovation, local growth, and building strong relationships with people like you, we hope to make every customer one for life. Legacy Bank & Trust exists to serve as the financial leader in economic and community development by providing financial products and services to underserved populations within our service area.
Legacy Bank & Trust is a certified Community Development Finance Institution (CDFI) and Community Development Entity with a national service area focus on serving the needs of low-income communities, particularly those in Kansas and Missouri. Legacy Bank & Trust, through its CDFI activities, has provided over $307MM to 1,166 businesses over the last five years, with 86% of that funding focused specifically toward disadvantaged businesses and communities. With this allocation award, Legacy Economic Growth Fund will provide small business loan products and larger equity equivalent loans to facilitate community development in highly disadvantaged neighborhoods, primarily in minor-urban and rural areas within the targeted service area.
Legacy Bank & Trust and it’s affiliate, Legacy Economic Growth Fund, have participated in New Market Tax Credit projects in Southwest Missouri and across the Midwest for the past few years. “Legacy Bank and Trust brought the first New Market Tax Credit loans to the area and Legacy Economic Growth Fund is the first Community Development Entity to ever receive an allocation of New Market Tax Credits in Southwest Missouri”, said Brett Magers, President of Legacy Bank and Trust.
The NMTC Program is a powerful federal economic development tool designed to promote development into America’s underserved and distressed communities. New Markets Tax Credits (NMTCs) generate private equity when leveraged with other sources of capital to create flexible financing structures for projects in these areas. Federal data show that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development of these communities.
“We are excited to have been selected by the CDFI Fund to be a steward of this very important economic resource. It comes to us at a time when our communities are significantly in need of access to flexible capital options to support recovery and resiliency. Working together with community partners, we foresee truly exceptional opportunities to stimulate long term growth and stability,” said John Everett, Chief Executive Officer of Legacy Bank & Trust.
“This allocation award provides Legacy Economic Growth Fund with significant resources to aid small businesses and support the vision of our communities as they strive to stabilize and grow,” noted Brandon Taylor, Manager of Legacy Economic Growth Fund. “So much has happened to impair our low-income communities since the advent of the pandemic. We are looking forward to bringing this resource to bear in our efforts to support positive forward moving change.”
About Legacy Bank & Trust:
Since our first bank opened its doors, our vision has been to surpass standards in banking for our customers as well as local businesses so they have the ability to help our communities thrive. Through a dedication to innovation, local growth, and building strong relationships with people like you, we hope to make every customer one for life. Legacy Bank & Trust exists to serve as the financial leader in economic and community development by providing financial products and services to underserved populations within our service area.