Banks make over $1M in grant, loan funding pledges for Restore SGF

A handful of banks made more than $1 million in grant and loan funding pledges toward the city's Restore SGF homeownership and residential property renovation initiative.

The initiative now has $1.75 million in pledges, with $1.5 million in loan funding and $250,000 in grants, according to a news release. Promoting homeownership and renovating residential properties are key goals of the Restore SGF project, which is initially targeting north-side neighborhoods.

Among the pledges, Systematic Savings Bank committed $500,000 to mortgage loans in Restore SGF's program areas. Legacy Bank & Trust and Central Bank each pledged $250,000 for the project's revolving loan fund; Central Bank committed $60,000 over three years in grant funding; and Commerce Bank, Legacy Bank and OakStar Bank committed $30,000 total in grant funding over three years.

"Restore SGF continues to build momentum and excitement regarding funding and implementation," said Community Foundation of the Ozarks Inc. President Brian Fogle, a member of Restore SGF's launch team, in the release.

CFO last year pledged $600,000 toward the effort.

Through Restore SGF, financial institutions are being asked to make grant funds available to match homeowners’ funds for exterior home repairs; pledge revolving loan funds for major home renovations; and make normal home loans in targeted neighborhoods, according to the release.