RCIF Grant Opportunity in Ellis Heights
We are pleased to announce that we have received a $200,000 equity equivalent investment from Rockford Community Bank, a Wintrust Community Bank.
Rockford Community Bank’s local participation with RCIF enables it to expand its lending program to foster the economic development of its Target Market and the City as a whole. “Rockford Community Bank’s generosity will enable RCIF to make more loans today, and will also aid our efforts to attract federal dollars to Rockford to provide even more safe housing options for its residents.” Said Tom Sandquist, RCIF’s Executive Director. “Rockford Community Bank’s support of RCIF shows its commitment to the economic development of the City, and especially its low and moderate income neighborhoods.” Added Michele Petrie, the Bank’s President.
The Bank’s generous support adds to investments previously made by the City of Rockford, Northern Illinois Community Development Corporation, and Rockford Local Development Corporation. The City has provided $200,000 in 0% financing to RCIF. NICDC has contributed a $200,000 loan at 1% interest and RLDC contributed $100,000 at 1%.
Rockford Community Bank opened its new Retail Banking facility in January 2022 after operating as a middle market loan production and residential mortgage office since 2016. Rockford Community Bank is a part of the larger Wintrust Community Bank family. Wintrust is a 30 year old financial holding company, head quartered in Rosemont, Illinois with $50 billion in assets. It operates 15 chartered community banks in Illinois, Indiana and Wisconsin and trades with stock symbol WTFC.