Community and Economic Development:
Economic Development loans are flexible financing tools that are issued by local governments and are designated for activities to promote economic and neighborhood development for specific jurisdictions. This type of loan supports activities that revitalize neighborhoods, stimulate job creation, and increase tax revenue for the City. These funds are often used to supplement senior loans from other public and private lending institutions. Economic Development Loans can also be used to leverage Federal and State investment within local communities. Often, these types of financing packages are used to incentivize private investment to improve the appearance of commercial and industrial areas. In many instances, these loans are tied to job creation goals which help satisfy the over-arching goals for economic development within the community. Reinvestment leads to the improvement in the development of talent, skills, and living conditions for the inhabitants, business owners, and the customer base within the surrounding community.