Our bank would like to take the initiative to help finish our new local library. We live in a small Texas community with a charitable citizenry. We have written a check...or three, but we are looking for a way to promote the library and the bank.

It has been suggested we offer low interest loans to let citizens make a contribution to finish the library, subject of course to our normal underwriting standards.

Has anyone ever offered this alternantive or have other ideas our bank could use to help the library ( or enable others to help )?

Thanks

Sounds like an interesting program. But, I don't know if you will receive CRA "credit" from your examiners for the project unless the library is in a low/mod income census tract or if you can "prove" it serves mainly low/mod income individuals.

I am not sure that low interest rate loans to induce people to donate to the library would count for CRA credit. An alternative way to get community development investment credit might be to help sponsor programs targeted to low- and moderate- income families. Perhaps a reading program or a homework assistance program would work. If you include in your cover letter with your fourth (??) check that the funds are to be used to assist low- and moderate-income families, the letter could be part of your documentation for the examiners. Don't forget about the community development service test. It sounds like you are active with the library. Have you provided technical expertise such has helping to develop the budget or assisted in writing grant requests? If you have, be sure to let the examiners know.