Houston-based Woodforest National Bank awarded an investment and grant combination totaling $1.2 million to San Antonio-based LiftFund Inc., a local nonprofit organization that connects entrepreneurs with seed capital in more than a dozen states.
“It’s our goal to continuously develop innovative solutions that support small businesses and entrepreneurs,” Doug Schaeffer, community reinvestment act executive director and executive vice president at Woodforest National Bank, said in a news release.
Woodforest National Bank is also very active with the Maestro Entrepreneur Center, another non-profit small business incubator in San Antonio.
The bank’s overall net income was $88.3 million as of December 2017, records show. It had nearly $10.3 million in commercial and industrial loans on its books at the end of 2017. Woodforest had $5.3 billion in total assets as of December 2017 and $4.8 million in deposits.
In the San Antonio-New Braunfels metro area, Woodforest National Bank holds about $50 million in deposits as of June 2017, the most recent data available. It has more than 700 offices across its footprint and 19 in the San Antonio market.
In February, LiftFund was awarded a $350,000 grant from Wells Fargo for a similar program. In January, LiftFund stood up a special fund worth $7 million for small businesses impacted by Hurricane Harvey.
In its more than 20 year history, LiftFund has underwritten $270 million in capital and maintains a 95 percent repayment rate each year — in accordance with its board of directors expectations.