St. Cloud, Minn.-based Stearns Bank N.A. and the African Development Center are working together to provide $10 million to the ADC to make loans in underbanked communities in central Minnesota.
ADC is expected to identify loan opportunities and disperse funds to qualified borrowers. The funding builds on the existing partnership between Stearns and African Development. In addition to the loans, Stearns is providing funding to help ADC launch the program. The African Development Center provides financial services and support for African immigrants through microlending, workshops and training.
“We’re committed to the mission of ADC and pledge to continue expanding our financial and resource support as a partner to increase financial access and empowerment in our communities,” said Kelly Skalicky, president and CEO of the $2.2 billion bank. “Creating dynamic, forward-thinking partnerships like ours with ADC multiples the opportunities for so many more in our communities and benefits us all.”