LOUISVILLE, Ky. — First Financial Bank has approved a $500,000 line of credit to support the Louisville Housing Opportunities and Micro-Enterprise (LHOME) Community Development Loan Fund, an initiative to spur economic progress among low income small business owners and homeowners in Louisville.
“Expanding our relationship with LHOME in this way is a further reflection of First Financial’s commitment to be woven into the communities we serve,” said Roddell McCullough, senior vice president and community development director for First Financial Bank. “We see this as a step that will lead to improvements in jobs, ownership, income and wealth, while making a transformative impact upon the lives of people throughout Louisville.”
LHOME will direct the line of credit into the community in the form of accessible, affordable loan products and financial coaching services. Historically, LHOME has focused over 80 percent of its funding in low- to moderate-income census tracts in the Louisville area.
“We thank First Financial Bank for consistently investing in our efforts to build ownership and wealth in underserved neighborhoods of Louisville,” said Amy Shir, president and CEO of LHOME. “Through this ongoing support, we have developed a proven model in which banks and community development financial institutions can work together to invest in the residents and small businesses in historically redlined neighborhoods.”
Previously, First Financial has provided LHOME with grant funding and event sponsorships. LHOME received First Financial’s first Equity Equivalent investment, a financial tool that helped to build LHOME’s lending capacity. The bank also participates on the organization’s advisory board.