Employee Nadirah Jones at event table
In our efforts to continue our growth as a secure financial provider and our meaningful impact on our neighborhoods, we have sought opportunities that are not only sound decisions, but honest people-minded approaches to being an authentic community bank. In doing so, we are dedicated to fulfilling the stewardship legacy of our founders along with transcending community development by knocking down barriers to capital for small & midsize businesses and nonprofit organizations, and home financing for families.
Through small and midsize business loans, we are able to help companies start up, expand and provide new job opportunities. In addition, through the oversight of Paycheck Protection Program (PPP) loans during the pandemic, we assisted over 1,300 small and mid-sized businesses and nonprofit organizations keep over 15,000 jobs on payroll.
Over $171 million in Paycheck Protection Program (PPP) loans throughout 2020 and 2021.
Providing faith-focused/nonprofit lending means greater and new opportunities for community engagement, outlets and beneficial programs for all ages.
Over $109 million in lending to grant-making, civic, family & social services organizations, religious organizations and schools & education service organizations.
Through home lending we see many first-time buyers and buyers in neighborhoods that are seeing new growth. In addition, families are taking advantage of the equity in their homes to better their lives.
We originated over $78 million in mortgages and home equity loans/lines of credit in 2021.
To support small business owners and nonprofit organizations in low- to moderate-income communities, we actively engage in lending and economic development opportunities that deliver needed capital, inspire continued success and ultimately help our neighborhoods thrive.
Over $75 million in community development lending to low- and moderate-income communities at year ending 2021 – up 30% from 2020.
We work together with community development organizations and leaders in our neighborhoods to forge opportunities for job creation, business growth, family strength, home ownership and overall inclusion and wellness in our communities.
Over $11 million in community development investments, capital funds and donations, in 2021 supporting important development organizations in the neighborhoods we serve.
Developed by the Providence Bank & Trust Stewardship Foundation, the Community Stewardship Loan offers low interest loans to small businesses and local nonprofits in low- to moderate-income communities delivering needed capital and inspiring continued success.
Over $411 thousand in micro loans, since inception of the Community Stewardship Loan in 2021, to support small businesses and nonprofit organizations in low- to moderate-income communities.
Counseling community members in the neighborhoods we serve in learning key financial planning skills and further developing healthy monetary habits. These seminars help transform individuals to take charge of their personal finances and have strong and long-lasting financial well-being.
Participated in 17 Financial Wellness Seminars in 2021 – equating to approximately one every three weeks.
In addition to investing deposits in our neighborhoods, our #stewardstrong initiatives include The Providence Bank & Trust Stewardship Program. Through it 10% of the Bank’s profits are donated annually to support the important work of local civic, nonprofit and Christian organizations.
Over $9.3 million has been donated in the past 17 years through our Stewardship Program.
Stewardship is so much more than financial giving. It’s about investing our heart, time and resources into our local businesses and families so they can take advantage of opportunities and realize their potential.
As active stewards, we volunteered a total of 489 hours in 2022 – supporting over 47 nonprofits, serving 2,739 individuals and participating in 104 volunteer activities.
To learn more about Providence as a community bank, click here.
STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department.