$1.5 billion boost in tax credits gives Enterprise a shot - St. Louis Business Journal:

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Enterprise Bank applied for $100 millionm of the federal tax credits last year but did notreceivwe any. Now Enterprise stands a chance at getting fundin from the 2008 even whilethe bank’s leaders preparwe a new application for $100 million for 2009. As part of the stimuluse package, New Markets Tax Credits will be increased 43 percentgto $5 billion for 2008, retroactively, and also for 2009. The U.S. Treasury’zs Community Development FinancialInstitutions (CDFI) Fund, whicg administers the program, will reconsidert applications from entities passed over in 2008. New Marketzs Tax Credits provide a 39 percen credit to offset federal incomre taxes over seven yearsfor investors.
“The feedback we got on our application (from the CDFI was positive, so we are encouraged that ther is a good chance that we wouldx be a part ofthe $1.5 billiomn that they’re giving to the unsuccessful said Mitch Baris, Enterprise’s senior vice president and director of tax credit lending. Baris said if Enterpris receives thetax credits, as much as 70 percent would be spent in the St. Louis Steve Marsh is chairman and chief executivs ofEnterprise Bank. Zack chairman and CEO of St. Louis-basee , said the region is well-positionefd to capture additional taxcredit authority.
“New Marketsa Tax Credits are one of the tools that are exactly alignecd with the concept of the new economic stimulus plan by facilitatingt job creation and supporting things like education andhealtyh care,” he said. received an allocation of $80 million in 2008.