Bank grants go to affordable housing developers

Trent Bowman
Stephenetta Harmon/MSR News Trent Bowman

In an effort to bolster organizations dedicated to generating economic growth and opportunity for communities in need, this week Old National Bank announced that it would present two local nonprofit organizations with $10,000 grants.

The bank gave $10K grants to both Build Wealth Minnesota and Neighborhood Development Alliance (NeDA). Both organizations are committed to finding, building and maintaining housing for those in need.

“This commitment to community serves as the cornerstone of our identity and helps define our mission and vision as a financial institution,” said Trent Bowman, Old National Bank community development officer VP.

“Even before the COVID-19 crisis, we knew these organizations were crucial in helping families get and keep their homes as well as build credit,” Bowman said. “Now, perhaps more than ever, a home for a family holds more weight. We’re proud to support the work of these organizations and hope these grants can help their goals go farther.”

Build Wealth Minnesota’s programs and services are targeted to low-to-moderate-income families. The grant from Old National will go toward its Family Stabilization Plan. This plan helps families who are seeking homeownership, facing credit or financial challenges or are facing foreclosure. It provides several educational and coaching components and aligns families with culturally sensitive nontraditional financial products and services

“The Build Wealth family would like to thank Trent Bowman and the Old National Bank team for their commitment to investing in our community,” said David McGee, executive director of Build Wealth Minnesota. “This grant will help us expand our services to help more families get stable and build wealth.”

NeDA builds affordable housing and empowers communities to create sustainability through financial education and guidance. The grant from Old National will go towards its Credit Builder Program. This program offers support from a financial coach so their clients can manage and/or understand the credit system and can develop habits independent of the credit builder loan that will help boost their score for the long run.

“Thank you, Trent Bowman and Old National, for your commitment by serving communities. This grant will expand our ability to continue to provide financial education and help more clients build wealth by establishing good credit habits,” said Maritza Mariani, NeDA associate director.

—Information provided by Old National Bank