Heritage Bank Joins Catalytic Fund to Fuel NKY’s Economic Development, Raises Fund to $19 Million
The Catalytic Fund is proud to announce that Heritage Bank has become its latest investor, committing $1 million to bring the fund’s total capital to over $19 million.
The Catalytic Fund focuses on channeling non-traditional growth capital to communities in need of thoughtful investments in underutilized sites and buildings.
The Catalytic Fund, a Community Development Financial Institution (CDFI), is a private sector, not-for-profit corporation whose goal is to attract quality local investment to Northern Kentucky that results in regional economic development and local community development. Its innovative financing products, comprehensive development services and dynamic initiatives convert community revitalization plans into completed projects with lasting and measurable impact.
“Heritage Bank has been the primary lender for several Catalytic Fund projects, including the Bradford on Scott, which was a transformational adaptive reuse of a valuable historic building in downtown Covington,” said Jeanne Schroer, President and CEO of the management of the Catalytic Fund. “As a true community bank, Heritage’s strong commitment to our shared values makes it an excellent partner in creating an even greater positive impact on our region.”
“Heritage Bank exists to improve the communities we serve and to improve the lives of the people who call those communities home,” said Lee Scheben, Chairman of Heritage Bank.
“The work of the Catalytic Fund aligns with our mission and priorities. As we continue to grow, investing in the development of Greater Cincinnati through broader direct relationships and participation in nonprofit efforts to unlock development opportunities throughout the region is a top priority.