Chicago – William Farrow, president and CEO of Urban Partnership Bank, announced that Urban Partnership Bank has exceeded $200 million in total loans since the bank began lending in 2012. He also announced that the bank has been selected to receive a 2014 Bank Enterprise Award (BEA) for $355,000 from the U.S. Department of Treasury’s Community Development Financial Institutions Fund, reflecting the impact those loans are having in urban communities.
“These milestones underscore the continuing growth of the bank’s small business and commercial real estate lending and our ongoing commitment to create economic development opportunities that build vibrant urban communities and reinvigorate peoples’ lives,” Farrow said.
Urban Partnership Bank qualified for the BEA because it had demonstrated an increase in lending that generated economic opportunities in Chicago’s underserved communities, according to the company. In 2013, the bank’s lending increased by 72 percent over the previous year. It was only one of 69 FDIC-insured depository institutions in the country selected to receive the award, which will be used for loans to grow small businesses, create jobs and renovate affordable housing in Chicago’s urban neighborhoods.
Overall, Urban Partnership Bank has made 243 new loans to small businesses, real estate investors and nonprofit organizations in less than three years, creating or retaining about 2,400 new jobs and hundreds of units of quality, affordable housing, mostly all in Chicago’s South and West Side neighborhoods.
“Our lending to small and growing businesses, real estate investors, and nonprofit organizations play an instrumental role in building strong, healthy communities and encouraging additional investment,” said Levoi K. Brown, chief banking officer. “We’re confident we’ll continue our lending progress and play an even bigger role in the long-term success of our communities and our customers.”