In an effort to spark economic development activity within the black community, the city of Chicago has deposited $20 million into ISF Bank—the oldest and last black-owned Chicago-based bank.⠀
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The bank, formerly named Illinois Service Federal Savings and Loan Association, plans to use the money for multiple purposes, says Papa Kwesi Nduom, the bank’s chairman.⠀
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Located on the city’s South Side, ISF Bank was founded in Chicago in 1934 to serve communities historically underserved by traditional financial institutions. ISF Bank is No. 11 on the BE 100s Banks list.⠀
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Nduom says the money could be used to provide loans to black entrepreneurs wanting to open or expand businesses. Another use would be to lend to commercial developers to build houses, condos, or apartments—as well as to black homebuyers—in neighborhoods it serves.⠀
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The investment comes at a dicey time for the city. Observers are hopeful it will help erase some violent activity, create jobs, and lessen economic disparity some say exists in the city.⠀
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City Treasurer Kurt Summers told Black Enterprise via email that the deposited money would indeed allow ISF Bank to make more loans and invest more directly back into the communities where many of their customers reside.⠀
⠀
The bank, formerly named Illinois Service Federal Savings and Loan Association, plans to use the money for multiple purposes, says Papa Kwesi Nduom, the bank’s chairman.⠀
⠀
Located on the city’s South Side, ISF Bank was founded in Chicago in 1934 to serve communities historically underserved by traditional financial institutions. ISF Bank is No. 11 on the BE 100s Banks list.⠀
⠀
Nduom says the money could be used to provide loans to black entrepreneurs wanting to open or expand businesses. Another use would be to lend to commercial developers to build houses, condos, or apartments—as well as to black homebuyers—in neighborhoods it serves.⠀
⠀
The investment comes at a dicey time for the city. Observers are hopeful it will help erase some violent activity, create jobs, and lessen economic disparity some say exists in the city.⠀
⠀
City Treasurer Kurt Summers told Black Enterprise via email that the deposited money would indeed allow ISF Bank to make more loans and invest more directly back into the communities where many of their customers reside.⠀
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