I have nothing to add, but do have a scenario i'd like some input on.
Last edited by bcompliance; 04/24/19 06:28 PM. Reason: add bank size
We are an intermediate small bank and have a loan to tear down an existing structure and put up a 80+ room hotel. The gross revenue of the business and loan amount are both over $1,000,000. The property is not in a low-moderate income area. We got this loan through a local county improvement corporation thatâ€™s mission statement states that it â€œserves as the lead economic development agency by advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of this Countyâ€. Assuming that this loan will create permanent jobs that are paying low-moderate wages, is this a loan that we should submit to our examiners for consideration to obtain CRA credit as a community development loan?