Central Bank has twice been awarded an allocation of New Markets Tax Credits (NMTC) from the Community Development Finance Institution (CDFI) Fund. NMTCs stimulate economic growth and create jobs by attracting private-sector capital investments into highly distressed areas. There are two important principles behind NMTCs. First, there are good business opportunities in distressed communities and these communities constitute a new market opportunity for the private sector. Secondly, a modest federal subsidy can provide the “nudge” needed to persuade the private sector to invest in these markets. Please click on the New Markets Tax Credits link on our home page to find out how your business can take advantage of these tax credits.
We have a unique lending opportunity for our retail customers in the community. Check out our CD Loan, or better known as the Credit Development Loan. This loan program is designed to help individuals without a credit history, or those with a poor credit history, to establish and repair their credit. The Credit Development Loan Program enables the borrower to put the funds into a certificate of deposit as security for the loan. The loan is then written at a term not to exceed three years. Upon repayment of the loan, the CD can be used as down payment of a home or for whatever purpose the borrower initially stated. Come in to your nearest branch and pick up a brochure on this unique program.