ST. LOUIS, June 9, 2014 (GLOBE NEWSWIRE) -- Enterprise Financial CDE, LLC, the community development entity of Enterprise Financial Services Corp (Nasdaq:EFSC), has been selected by the CDFI Fund of the U.S. Department of Treasury to receive a $43 million allocation of New Markets Tax Credits (NMTC). These tax credits are designed to provide financing for community development projects and qualified businesses located in low income communities. Enterprise Financial CDE, LLC was one of 87 community development entities in the United States selected for an allocation. This is the third allocation of NMTC for Enterprise Financial CDE in the past four rounds totaling $118 million.
Mitch Baris, President of Tax Credit Services for Enterprise, commented, "We're pleased to be selected for our third NMTC award. It enables us to continue driving job creation and economic development in low income communities throughout our service area. As a result of these investments, we have already seen continued development in these communities, allowing them to attract further investment and foster growth."
The New Markets Tax Credit program was established by Congress in December 2000 to help economically distressed communities attract private investment capital by investors with a Federal tax credit. Investments made by organizations like Enterprise Financial CDE, LLC through the New Markets Tax Credit Program are used to breathe new life into neglected, underserved low-income communities.
Enterprise Financial Services Corp operates commercial banking and wealth management businesses in metropolitan St. Louis, Kansas City and Phoenix. Enterprise is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.