U.S. Treasury Department Awards $125M To Georgia-Based Financial Institutions

By T.A. DeFeo | The Center Square contributor, The Center Square Georgia

September 28, 2022

(The Center Square) — The U.S. Department of the Treasury has awarded more than $125 million to Georgia-based institutions under programs that support community financial institutions to help small and minority-owned businesses.

The 2021 Consolidated Appropriations Act established the Emergency Capital Investment Program. Under the program, the feds allocated $9 billion to Community Development Financial Institutions and Minority Depository Institutions.

Under the programs, the Treasury Department allocated $95.7 million to Atlanta-based CitizensBancshares Corp., $15.8 million to Savannah-based Carver Financial Corp. and $13.7 million to Camilla-based Camilla Bancshares.

"Many small businesses and low-income borrowers were hit hard during the pandemic and many still struggle to find affordable housing and keep their businesses open," U.S. Rep. Sanford Bishop, D-Georgia, said in an announcement. "I am glad that these funds are coming to Camilla so that crucial investments can be made to support local businesses that will enrich our whole community."

Last week, the Treasury Department said it had awarded nearly $8.3 billion to 162 community financial institutions nationwide under ECIP. That included $209 million to four Tennessee financial institutions, $216 million to three in South Carolina, $274 million to seven in Alabama, $441 million to three in Florida and $734 million to six in North Carolina.

Representatives from the Treasury Department did not respond to a request for more details.

In a statement, Secretary of the Treasury Janet Yellen said the "funds provide opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks."

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