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Any city, county, special district, or other local government agency who opts-into the program at an administrative level may participate in the Lift Investing program.
Eligible Community Banks
Requirements may vary slightly by State. But generally, the rules established require the following criteria for community banks to participate in the program.
- Federally-or State-chartered community bank or credit unions (under $50 billion in assets) with their corporate headquarters domiciled within the State of the participating jurisdiction;
- The community bank is authorized to receive deposits from public agencies their designated region as long as their corporate headquarters (and if applicable holding company) reside in the designated region.
- Maintain a “Superior” rating with IDC Financial Publishing Inc., or a “5 Star” rating with BauerFinancial.
- Comply with all Federal, State, and local laws governing the deposit of public funds, including but not limited to all requirements with respect to collateralization of public fund deposits to the extent and in the manner required thereby.
- Signed agreement agreeing to participate in the program per the program guidelines in the program handbook, which includes compliance standards such as:
- Achieve minimum lending goal (i.e., 50% or greater in Program Participant’s jurisdiction)
- Meet comprehensive semiannual reporting requirements in a timely manner.