Central Bank of Kansas City
Central Bank of Kansas City is a community bank with a long and successful history of business lending and outreach, based on its strategy of revitalizing the urban core and building wealth in low-income neighborhoods. With the main branch in Kansas City’s Historic Northeast neighborhood—where it was founded in 1951—Central Bank attends to the needs of the typically underserved in the Kansas City metropolitan area. The bank has been a continual recipient of the CDFI Bank Enterprise Award for its involvement in the community it serves.
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The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program. The 7 CDBA member banks receiving awards were Central Bank of Kansas City, The Harbor Bank of Maryland, Peoples Bank, Legacy Bank & Trust, Sunrise Banks, Southern Bancorp, and United Bank.
Central Bank of Kansas City (CBKC) has supported small businesses and individuals for over 70 years. Throughout the COVID-19 pandemic, the locally owned bank has supported its community by administering Paycheck Protection Program (PPP) loans, feeding senior citizens, supporting local classrooms and sharing financial education resources. Since 1998, CBKC has been proud to be a Community Development Financial Institution (CDFI). The CDFI Fund is a U.S. Treasury initiative to increase economic opportunity and promote community development investments for underserved populations and in distressed communities.
In its largest award round to date, the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund announced Feb. 22 that more than $175.4 million in Capital Magnet Fund awards (CMF) have been distributed during its sixth funding round. The fiscal year (FY) 2020 award round also saw the largest number of award recipients with 48 organizations receiving funds. The 48 awardees were selected from 137 applications, which requested more than $642.2 million in awards this CMF round. Congratulations to CDBA members Beneficial State Bancorp, Inc., Central Bank of Kansas City, City First Enterprises, Inc., United Bank, and Virginia Community Capital, Inc. on their Capital Magnet Fund awards!