Congressman Cohen Announces Community Development Financial Institution Grants to Tri-State Bank, River City Capital Investment Corp.
WASHINGTON – Congressman Steve Cohen (TN-09) today announced that two Memphis community development financial institutions (CDFIs) will be receiving grants from the U.S. Treasury Department totaling $500,000. Tri-State Bank of Memphis will receive $275,000 and River City Capital Investment Corporation will receive $225,000. The funds are intended to expand economic opportunities in economically distressed area and are provided to CDFIs devoted to offering affordable financial products and services in economically underserved areas.
Congressman Cohen made the following statement:
“These Memphis lending institutions and the community they serve will be strengthened by this support. Both recipients are known for their dedication to our city and these funds will go a long way in improving the businesses they lend to, increasing jobs in the process.”