ShoreBank Pacific, a Federal Deposit Insurance Corporation (FDIC)-insured bank headquartered in Ilwaco, Washington, with a branch in Seattle, has received certification as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury’s CDFI Fund.
The certification is awarded to financial institutions with a demonstrated history of community development in low-income and underserved communities. To qualify, an institution must direct 60% of its activities toward CDFI-eligible target markets and provide development services in conjunction with the financial products it provides.
ShoreBank Pacific is now positioned to apply for Treasury grant funds that can be used for loans and development services in underserved Oregon and Washington communities.
Thede funds would increase the bank’s capacity to provide commercial loans to the renewable energy, green building, fishing, and specialty foods and agriculture industries.
According to David Williams, CEO of the bank, the certification is significant because it could lead to millions of additional dollars for lending programs that in turn encourage sustainable community development.