COVINGTON, Ky. — Catalytic Development Funding Corp. in Northern Kentucky said Lexington-based Central Bank has increased its investment with a new commitment of $1 million to accelerate Catalytic’s community development activities. Catalytic Fund uses this capital to make non-traditional investments in underutilized sites and buildings to attract economic development to Northern Kentucky and execute high-impact community development projects.
The Catalytic Fund was capitalized in 2013 with $10 million, and Central Bank was one of original Catalytic Investors. The fund continues to attract new collaborators along with increased commitments from its original partners, and Central’s commitment increases the Fund’s investment capital to $29M. The
The Catalytic Fund, a Community Development Financial Institution (CDFI), is a private sector, not-for-profit company whose purpose is to attract quality place-based investments to Northern Kentucky that result in regional economic development and local community development. Its innovative financing products, comprehensive development services, and vibrancy initiatives convert community revitalization plans into completed projects that have lasting and measurable impact.
“Central Bank was one of the very first companies to invest in the Catalytic Fund when the organization was formed in 2008 and has been a steadfast partner supporting our ability to invest in high impact projects that have catalyzed Northern Kentucky’s urban renaissance,” Jeanne Schroer, the Catalytic Fund’s president and CEO, said,
“Central Bank welcomes the opportunity to strengthen our ongoing commitment to community development in Northern Kentucky through our partnership with the Catalytic Fund. We look forward to increasing our investment and accelerate the Fund’s efforts to covert underutilized sites to productive assets, create jobs, create income aligned housing options, and drive growth in the region,” said James Uebel, president, Central Bank Northern Kentucky.
Headquartered in Lexington, Kentucky Central Bank is a full-service community bank offering a wide range of financial services for both personal and business needs. With more than 100,000 customers throughout Kentucky, Central Bank serves consumers and businesses with full-service banking, investment, mortgage, insurance and wealth management services, all provided locally.
