Park Bank of Madison: $10.5 Million Available for Economic Development in Dane County
Contact: Cynthia Beiler, Director of Marketing
Work Phone: 608.278.2873
Cell Phone: 608.438.0442
Park Bank Invests $10.5 Million in Impact Seven’s Wisconsin Impact Fund to Spur Economic Development and Provide Low-Interest Loans to Qualified Projects
MADISON, Wis. (January 22, 2004) — Park Bank of Madison, Wis. proudly announces a $10.5 million equity investment in Impact Seven’s Wisconsin Impact Fund, a community development entity (CDE). Impact Seven recently received tax credit allocations under the first round of the federal New Markets Tax Credit (NMTC) program to encourage private investment and job creation in targeted communities. With Park Bank’s investment, the Wisconsin Impact Fund will provide loans to development projects with a potential for revitalization of economic distressed communities. “We are proud to make this substantial investment in Wisconsin and play a significant role in the economic development of our community,” said Jim Hegenbarth, President and CEO of Park Bank.
Impact Seven, Inc. of Almena, Wis. was awarded a total of $21 million in tax credit allocations and launched the Wisconsin Impact Fund, its first community CDE, as the investment vehicle to distribute the benefits of the NMTC throughout Wisconsin. By making an equity investment in the Wisconsin Impact Fund, Park Bank helps improve local economies while receiving tax credits over a seven year period. “Of the 66 first round allocates, Impact Seven is one of the first CDEs nationally to place credits and is far ahead of schedule in facilitating the creation of more jobs throughout Wisconsin. The balance of the $21 million allocation is expected to be placed during 2004,” said William Bay, President of Impact Seven.
Recipients of the Wisconsin Impact Fund loans will be businesses with commercial real estate debt financing needs aimed at stimulating growth and job creation in low- and moderate-income census tracts, including State Street, campus-area, and retail corridors along the beltline. (A color map of the target census tract area is available upon request.)
With its investment in the Wisconsin Impact Fund, Park Bank continues its mission to be a leader in community development. This endeavor is one of many initiatives to reinvest in Dane County.
Park Bank of Madison, Wis. is a community business bank with over $320 million in assets, eight branches, and 144 ATM’s throughout Wisconsin. Park Bank’s reputation for superior customer service and loyal community support accounts for their success over the last 37 years.
Impact Seven is a statewide private, nonprofit community development corporation and certified CDE. Its work over the past three decades has resulted in the creation of more than 16,000 jobs, development of more than $65 million in housing, and direct investment of well over $300 million in Wisconsin communities.