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#2019496 - 06/10/15 02:49 PM Community Development Loan?
iLovetheVols, CRCM Offline
Member
Joined: Sep 2014
Posts: 66
Texas
My bank made a loan to a family trucking business in a distressed census tract. The proceeds purchased 2 additional trucks and I have confirmed the purchase of these 2 trucks created 2 new jobs.

Could I consider this a community development loan?

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CRA
#2019505 - 06/10/15 03:08 PM Re: Community Development Loan? iLovetheVols, CRCM
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
More info is required.

What is the size of your bank? What is the size of the loan?

How was the loan reported on the Call Report?
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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#2019542 - 06/10/15 04:15 PM Re: Community Development Loan? iLovetheVols, CRCM
iLovetheVols, CRCM Offline
Member
Joined: Sep 2014
Posts: 66
Texas
My bank is $700 Million in assets. The loan amount is $45,000. The call code is Commercial and Industrial Loan with Business Equipment as the purpose code, secured by the trucks.

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