ST. LOUIS, June 16, 2015 (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 $65 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 only 76 community development entities in the United States selected for an allocation and was awarded the third largest allocation in the nation. This is the fourth allocation of NMTC for Enterprise Financial CDE in the past five years for a total of $183 million.
Mitch Baris, President of Tax Credit Services for Enterprise, commented, “We’re pleased to be selected for our third consecutive NMTC award and fourth in five years. 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’ve 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 CDE, LLC’s service area includes the states of MO, IL, KS and the counties of Coconino, Maricopa, Mohave, Pinal and Yavapai in AZ.
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.