Enterprise Bank & Trust, the banking subsidiary of Enterprise Financial Services Corp (NASDAQ: EFSC), recently funded a $1,000,000 Program-Related Investment (PRI) through the Enterprise Bank & Trust Foundation to advance affordable housing in New Mexico with Ventana Fund.
The $1 million investment provides working capital in support of Ventana Fund’s affordable housing lending program. The PRI will allow Ventana Fund to generate approximately $2.5 million in new loans within the next year and impact approximately 58 additional units of housing. At a 3% fixed loan rate with an option to renew after three years, the funding will be recycled continuously for the length of the investment.
Since its establishment in 2014, Albuquerque-based Ventana Fund has impacted over 1,000 units of housing across the state and committed over 22 million dollars to creating or sustaining affordable housing in New Mexico.
“Ventana Fund is excited to partner with Enterprise Bank and Trust to provide additional affordable housing for New Mexicans,” says Todd Clarke, Ventana Fund Executive Director and Chairman of the Board. “Our experience with Enterprise Bank and Trust demonstrated that they bring the best-in-class banking services and care about their local community by making these investments.”
Ventana Fund aims to support low-income populations earning less than 80 percent area median income throughout New Mexico. Ventana Fund also focuses on hard-to-finance projects, such as older rental projects in need of rehabilitation and energy efficiency improvements.
“Creating opportunities for affordable housing is a priority at Enterprise, and we are always looking to invest in our communities and help them thrive. In Ventana Fund, we found a fantastic partner that is equally committed to taking action to provide affordable housing to New Mexico communities,” says Jessica Kuhn, VP, Relationship Manager at Enterprise. “We are excited to work together and to see the community impact in the coming years.”
Previously in 2019, the Enterprise Bank & Trust Foundation made a collective investment of nearly a half million dollars to seven New Mexico nonprofit organizations over a three-year period. Enterprise Bank & Trust and the Enterprise Bank & Trust Foundation committed more than $1.5 billion in our communities in 2020 and the foundation’s charitable giving impacts approximately 130 organizations in New Mexico each year.
About Enterprise Bank & Trust
Enterprise Bank & Trust is a growing financial services partner focused on guiding people to a lifetime of financial success. We empower privately held businesses to succeed, helping families to secure their financial futures, and invest to advance the quality of life for the communities we serve. Enterprise is built on trusted, personal relationships and offers a range of business and personal banking services, wealth management services and a variety of specialized banking services. Enterprise Financial Services Corp (NASDAQ: EFSC), with approximately $12.9 billion in assets, is a bank holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust operates 47 branch offices in Arizona, California, Kansas, Missouri, Nevada and New Mexico. Additional information is available at www.enterprisebank.com. Member FDIC.
About Ventana Fund
Ventana Fund provides low-interest loans and related services to affordable housing developers who serve New Mexico’s low-income residents and high-need communities. Ventana Fund was established in 2014 to meet the critical need for an increased supply of financing for affordable housing construction and rehabilitation in New Mexico. It is a 501(c)(3) nonprofit corporation organized by private citizens and housing professionals who are dedicated to increasing the number of decent affordable homes available to New Mexico’s lower-income residents. Ventana Fund was certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury in March 2015. Learn more at www.ventanafund.org.