PBCIF Receives Second New Markets Tax Credit Allocation Award of $60 Million

PB Community Impact Fund, LLC, a subsidiary of Peoples Bank, is deeply honored to be awarded its second New Markets Tax Credit award of $60 million. We are very grateful to the Community Development Financial Institution (CDFI) Fund, Department of the Treasury for supporting our work in severely distressed low-income communities in Mississippi, Alabama, Arkansas, and Louisiana. PB Community Impact Fund is a Community Development Entity (CDE) and will use the award to finance small businesses throughout our market, that will create quality jobs and provide increased access to healthcare and fresh food for low-income people and communities.

“PB Community Impact Fund is excited to announce a second award of New Markets Tax Credit allocation from the CDFI Fund. This important tool helps us support living wage jobs and critical amenities in our underserved communities in Mississippi and surrounding states.,” said, Dennis Ammann, CEO of Peoples Bank.

The NMTC Program attracts private capital into low-income communities by offering investors a tax credit against their federal income tax of 39 percent of their investment in qualified projects within economically distressed communities claimed over a period of seven years. This award is part of a $5 billion NMTC allocation authority package announced this week by the CDFI Fund. Federal data show that for every dollar of allocation provided under the NMTC program, an additional $8 of private investment is leveraged for the economic development of these communities.

ABOUT PB COMMUNITY IMPACT FUND: PB Community Impact Fund (PBCIF) was organized as a subsidiary of Peoples Bank and was certified as a Community Development Entity (CDE) in 2020.  Through PBCIF, Peoples Bank utilizes the NMTC program enacted by Congress in 2000 to incentivize private investment in low-income, underserved communities.  PBCIF’s NMTC service area includes the four-state area of Mississippi, Alabama, Louisiana, and Arkansas which, collectively, have some of the most financially underserved areas of the country.

ABOUT PEOPLES BANK: Peoples Bank has been providing access to capital for small city and rural communities in Mississippi since 1908, the same year that the Model T first rolled off an assembly line. Today, Peoples Bank is a $400 plus million institution specializing in agricultural, mortgage, consumer, and small business loans. In the past 12-months we have provided nearly $50 million of New Market Tax Credit Financing to distressed communities throughout Mississippi, Alabama, Louisiana, and Arkansas supporting over 1,500 permanent quality jobs, providing increased healthcare access to over 41,000 people, and supporting increased grocery access to over 13,000 individuals. Peoples Bank is an equal housing lender.

PBCIF is an Equal Opportunity Provider