PDLB - Ponce Bank receives approval for an award of approximately $0.5 million as part of the CDFI Bank Enterprise Award Program and received the previously announced $3.7 million in cash that was granted as part of CDFI Equitable Recovery Program | Benzinga
NEW YORK, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the "Company") (NASDAQ:PDLB), the holding company for Ponce Bank (the "Bank"), today announced that the Bank received approval for a grant in the amount of $451,025 as part of the Bank Enterprise Award Program from the Community Development Financial Institutions ("CDFI"). Awards under the Bank Enterprise Award Program are subject to the program terms and must be used for qualified activities, which include providing loans, investments and financial services to residents and businesses in distressed communities.
The Bank also announced today that it has received the previously announced $3.7 million in cash that was granted from the U.S. Treasury as part of the Community Development Financial Institutions ("CDFI") Equitable Recovery Program ("ERP") which aims to help CDFI's further their mission of helping low and low-to-moderate income communities recover from the impact of the COVID-19 pandemic. The ERP grant must be used for eligible activities and the Company must provide reporting in accordance with the ERP requirements.
"There's been a lot of talk lately about which banks are "systemically important" and I think that one just needs to read the purpose of this ERP program to understand that CDFIs like Ponce Bank are critical to a huge swath of our society that isn't supported by the traditional banking system" said Ponce Bank CEO Carlos Naudon. He added "We proved throughout the pandemic that Community Banks, CDFIs and MDIs are able to strategically deploy capital, where it's needed most, both quickly and efficiently. If that's not systemically important then I'm not sure I understand the term."
Ponce Bank has a long history of service ...