Bank of Camilla receives $13.7 million in federal funds to increase local lending

A Camilla bank has been awarded over $13.7 million in federal funds that can be made available for loan to borrowers in Mitchell and surrounding counties.

Last Thursday, Congressman Sanford D. Bishop Jr., announced that Camilla Bancshares, Inc., the parent company of the Bank of Camilla, will be receiving $13,708,000 from the U.S. Department of the Treasury through its Emergency Capital Investment Program.

"Many small businesses and low-income borrowers were hit hard during the pandemic and many still struggle to find affordable housing and keep their businesses open," said Congressman Bishop. "I am glad that these funds are coming to Camilla so that crucial investments can be made to support local businesses that will enrich our while community."

The Department of the Treasury announced last week that it has made over $8.28 billion of investments in 162 community financial institutions across the country, including Camilla Bancshares, through the Emergency Capital Investment Program (ECIP). These funds will support the efforts of community financial institutions to provide loans and other assistance to small and minority-owned businesses and consumers, especially in low-income and financially underserved communities that struggled during the COVID-19 crisis.

The only other Georgia institutions to receive awards are Carver Financial Corporation of Savannah, $15,852,000, and Citizens Bancshares Corporation of Atlanta, $95,700,000.

"These essential funds provide opportunity to underserved communities across the country, helping them to regain their footing following the pandemic and strengthening their resilience against future shocks," said Secretary of the Treasury Janet L. Yellen. "Today's announcement is a significant step toward expanding access o the capital and services to rebuild and fuel long-term economic growth."

Bank of Camilla president and CEO David Wright told The Enterprise-Journal this week that these federal funds were loaned to the holding company, Camilla Bancshare Inc., and became capital in the bank. According to Wright, this increase in capital can be leveraged and loaned out to rural, minority and underserved residents of Mitchell County and the surrounding area.

While the focus of the program is for small and minority owned businesses, Wright explains that borrowers must be qualified to be approved for a loan.

"All loans must be qualified and must meet our underwriting criteria. We are not lowering our credit standards," Wright said.

The Bank of Camilla is one of only five banks designated as Community Financial Institutions in the State, a program that was created by the Department of the Treasury in 1994.

"This is not something that happened overnight. This is something the Bank of Camilla has been working on for the last two and a half years. Our commitment is to serve our community. The Bank of Camilla's goal through the Emergency Capital Investment Program is to help people in our area," Wright concluded.

The Emergency Capital Investment Program was established by Congress in 2021 under the Consolidated Appropriations Act. The program works with Community Development Financial Institutions to provide loans and other assistance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities.