Springfield, Missouri – September 28, 2023 – Legacy Economic Growth Fund is an affiliate of Legacy Bank & Trust and is a certified Community Development Entity (CDE) with a multi-state service area focus on serving the needs of low-income communities, particularly those in Missouri, Kansas, Illinois, Arkansas, Nebraska, Oklahoma, and Tennessee. Legacy Bank & Trust is a certified Community Development Finance Institution (CDFI) and, through its CDFI activities, has provided over $1.1BB to over 2,700 businesses over the last five years, with 84% of that funding focused specifically on disadvantaged businesses and communities. With this allocation award, Legacy Economic Growth Fund will provide small business loan products and larger equity equivalent loans to facilitate community development in highly disadvantaged neighborhoods, primarily in minor-urban and rural areas within the targeted service area.
The New Markets Tax Credits (NMTC) Program is a powerful federal economic development tool designed to promote development into America’s underserved and distressed communities. NMTCs generate private equity when leveraged with other sources of capital to create flexible financing structures for projects in these areas. 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.
“Legacy Economic Growth Fund is honored by the CDFI Fund’s award” said John Everett, Chief Executive Officer of Legacy Bank & Trust. “NMTCs are a crucially important resource, supporting our investments in projects that generate quality, accessible jobs paying living wages, small businesses supporting job creation, commercial office/incubators that stimulate small business development, community health centers and rural health clinics in medically underserved areas that target low-income and uninsured patients in underserved communities in MO, KS, IL, AR, NE, OK and TN.”
In addition, the strategy includes funding a small business loan fund with capital in ranges of $600,000 – $4 million. “This allocation award provides Legacy Economic Growth Fund with significant resources to aid small businesses, particularly those requiring smaller investments, under $4 million that are the backbone of economic growth in our communities as they strive to stabilize and grow,” noted Brandon Taylor, Manager of Legacy Economic Growth Fund.”
About Legacy Bank and Trust
Legacy is a $1.6 billion community bank founded in 1907 and acquired in 2003 by Ozarks Heritage Financial Group. Legacy Bank and Trust currently operates branches in Missouri and Oklahoma.
Since our first bank opened its doors, our vision has been to surpass standards in banking for our customers as well as local businesses, so they can help our communities thrive. Legacy Bank and Trust exists to serve as the financial leader in economic and community development by providing financial products and services to underserved populations within our service areas. As a Community Development Financial Institution, our mission is to provide economic opportunities to underserved communities.
Legacy Bank and Trust is a Missouri-based commercial bank that is led by its Chairman, Chris Harlin, and its CEO, John Everett and President, Brett Magers.
To learn more about Legacy Bank and Trust, visit www.legacybankandtrust.com
For more information regarding this press release please contact:
Brett Magers, President of Legacy Bank and Trust, at bmagers@legacybankandtrust.com or Katrina Sweaney, SVP, Director of Human Resources at ksweaney@legacybankandtrust.com
