First Tennessee Bank has created a $50 million Community Development Fund that will award up to $3 million annually in grants to community and nonprofit organizations serving low- to moderate-income people and neighborhoods.
The new fund, which is in addition to the $5 million in grants nonprofits traditionally receive from the First Tennessee Foundation each year, will help finance programs that promote financial literacy, support affordable housing for low-to moderate-income residents or provide down-payment assistance for home buyers.
"With the Community Development Fund in place, we're going to fund efforts that are transformational for families, neighborhoods, and the place that's been so good to us," said said Jeff Jackson, Chattanooga market president.
Jackson noted that funds for 2016 have already been allocated and funding requests for 2017 will be received for consideration in late fall.
Since it was founded in 1993, the First Tennessee Foundation has donated more than $65 million to meet community needs. For more information, visit www.FirstTennesseeFoundation.com.
With more than $2 billion in deposits in the metro Chattanooga market, First Tennessee is the largest bank operating in Chattanooga.