Enterprise Financial Subsidiary Awarded $40 Million New Markets Tax Credit Allocation

ST. LOUIS - April 29, 2013 - PRLog -- (St. Louis) – Enterprise Financial CDE, LLC, the community development entity of Enterprise Financial Services Corp , has been selected by the CDFI Fund of the U.S. Department of Treasury to receive a $40 million allocation of New Markets Tax Credits (NMTC) to provide financing for community development projects and qualified businesses located in low income communities throughout Illinois, Missouri, Kansas and Arizona. Enterprise Financial CDE, LLC was one of 85 community development entities in the United States selected for an allocation. This is the second allocation of NMTC for Enterprise Financial CDE in three years, totaling $75 million.

Mitch Baris, President of Tax Credit Services for Enterprise, stated “With this new allocation of New Market Tax Credits, we will continue to drive economic activity, growth and job creation in low income communities throughout our service area. As we demonstrated with our prior allocation, Enterprise will provide the credits in a manner which is most beneficial to our communities.”

The New Markets Tax Credit program was established by Congress in December 2000 to allow individual and corporate taxpayers to receive a federal income tax credit for making equity investments in organizations such as Enterprise Financial CDE, LLC that agree to invest in businesses and real estate developments located low-income communities, which had historically been passed over for such investments.

Enterprise Financial Services Corp operates commercial banking and wealth management businesses in metropolitan St. Louis, Kansas City and Phoenix.  Enterprise is primarily focused on serving the needs of privately held businesses, their owner families, executives and professionals.