Sep 27, 2013 9:11 AM by AP (Photo courtesy MGN Online)
First NBC Bank has been awarded $19.6 million under a new state program that will boost its community development arm.
The allocation is part of a $55 million package the state Department of Revenue is awarding to entities statewide under the Louisiana New Markets Jobs Act, which was signed into law in June.
The state program is modeled after the federal New Markets Tax Credit program, which requires private sector, non-government entities to make upfront investment in small business and real estate projects in their community.
In exchange, investors can claim tax credits on the investment over seven years.
The bank said it plans to leverage the state tax credits, along with the $50 million allocation of federal credits awarded to the First NBC Community Development Fund.