ILWACO, Wash. - (Business Wire) ShoreBank Pacific has received certification as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury’s CDFI Fund. As the only bank chartered in Washington with CDFI certification, ShoreBank Pacific is now uniquely positioned to apply for Treasury grant funds that can be used for loans and development services in underserved Oregon and Washington communities. CDFI funding would increase ShoreBank Pacific’s capacity to provide commercial loans to the renewable energy, green building, fishing, and specialty foods and agriculture industries.
“The certification is significant for the bank and the Pacific Northwest because it could lead to millions of additional dollars for our lending programs that in turn encourage sustainable community development,” said David Williams, ShoreBank Pacific CEO.
The CDFI 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 percent of its activities toward CDFI-eligible target markets and provide development services in conjunction with the financial products it provides.
About ShoreBank Pacific
ShoreBank Pacific is an FDIC-insured bank leading the financial world in sustainable banking. Founded in 1997 by ShoreBank Corp., Chicago and Ecotrust, ShoreBank Pacific invests in people and businesses in the Pacific Northwest to create strong companies, a healthy environment and vibrant communities. ShoreBank Pacific is headquartered in Ilwaco, Wash., with a branch in Seattle, Wash. and an additional lending office in Portland, Ore. Visit www.shorebankpacific.com for more information.
Maxwell PR
Molly Cooney-Mesker, 503-231-3086
molly@maxwellpr.com
