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Citizens Bank (Winner), Batesville, AR

Entry Year: 2018
Entry Category: Community & Economic Development
Asset Size: Small
Program Name: Impact Independence County

Program Summary:

For many years, economic development in Batesville and Independence County, Arkansas was stagnant.

In 2015, Citizens Bank President Phil Baldwin decided to collaborate with area leaders to create Impact Independence County, a multi-faceted strategic initiative to identify opportunities and overcome challenges to kick-start the local economy and improve the overall quality of life.

With input from County residents, the Impact Independence County strategic plan, a broad county-wide shared vision, was developed.

Committees were formed to draft specific plans to guide the community in overcoming local obstacles to achieve Economic Prosperity, Educational Excellence, and Healthy Living & Well Being, and promote Tourism.

As a supplement to the communitywide initiative, Baldwin in 2016 announced the Citizens Bank Impact Loan & Grant Program, a five-year commitment offering a $10 million redevelopment fund for low interest rate loans and a grant pool of $100,000 to reinforce the Impact Independence County plan.

Since so many storefronts in downtown Batesville were empty at the time, Citizens Bank emphasized its Loan & Grant Program to benefit the historic district. Thus far, the downtown revitalization program has been a resounding success. Two dozen commercial loans have funded over $4 million in projects, and nearly two dozen grants have provided over $90,000 toward renovations. Demand for the loans and grants remains strong.