Southern Development Bancorporation of Arkadelphia will receive a $1.8 million equity grant to help the bank acquire additional branches to provide housing, business and consumer lending in the Mississippi Delta region, the state’s Democratic Congressional delegation announced Thursday.
U.S. Sens. Blanche Lincoln and Mark Pryor and U.S. Reps. Mike Ross and Marion Berry announced more than $1.8 million in grants provided by the U.S. Treasury Department’s Community Development Financial Institutions Fund. The money is aimed at providing assistance to low-income, rural areas of the state.
South Arkansas Community Development, also of Arkadelphia, will receive $47,014 from the fund. The money is earmarked for developing a capitalization strategy and loan product development.
The grants are being awarded to 176 community-based organizations throughout the country that provide financial products and services to economically disadvantaged people and communities.