Lake City Bank Invests $750K in Community Fund
WARSAW - Lake City Bank is investing $750,000 in the Community Investment Fund of Indiana.The funding will support bank loans to historically underserved entrepreneurs and small businesses that lack access to capital and do not qualify for traditional bank loans.
Businesses that can benefit from the deal are typically low to moderate income populations and include minority-owned, or newer businesses that need additional funding to support growth.
At the end of 2018, CIFI reported it has loaned $3.4 million and provided more than 120 jobs while giving assistance to more than 90 small companies.
“Our identity as a community bank is firmly engrained in the culture at Lake City Bank,” said David Findlay, president and chief executive officer in a news release. “As individuals and as an organization, investing in our communities is important to us, and CIFI of Indiana is a perfect way for us to help other businesses thrive.”