State Farm and Enterprise Community Loan Fund Announce $10 Million Fund to Invest in Communities Across America

COLUMBIA, Md., Nov. 1, 2010 /PRNewswire/ -- State Farm Insurance® (State Farm) and Enterprise Community Loan Fund (Enterprise) are pleased to announce a multimillion dollar fund to finance the creation and preservation of affordable housing and community facilities. These facilities will include charter school and health care facilities in targeted urban areas. The State Farm® Neighborhood Partners Fund, as administered by Enterprise, is a 10-year revolving loan facility which will assist nonprofit and mission-aligned developers.

"We are extremely excited to enter into this expanded relationship with Enterprise, an organization with a strong reputation in community revitalization," said Kellie Clapper, assistant vice president of Community Relations, State Farm.

"Our involvement with Enterprise goes back several years, and we look forward to working with them again on these very important community development financing options," said Clapper.

Three years ago, Enterprise, State Farm and others partnered on the Enterprise Social Fund, a national $8.3 million affordable housing predevelopment and acquisition loan fund. One of the largest community development financial institutions in the country, Enterprise Community Loan Fund has loaned more than $1 billion in communities since 1982 to help create and/or rehabilitate nearly 100,000 affordable homes in markets around the country.  

"Enterprise takes great pride in our mission of helping to create affordable, thriving and diverse communities," said Lori Chatman, president, Enterprise Community Loan Fund.

"Through partnerships, such as this one with State Farm, true community renewal can be accomplished. We would like to thank State Farm for its commitment to true neighborhood revitalization," said Chatman.

Enterprise will use funding from the Neighborhood Partners Fund for several projects.  Project locations and additional information will be announced when plans are finalized.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share its vision. Enterprise has raised and invested more than $10.6 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

About State Farm®:

State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft, and is also a leading insurer in Canada. Our nearly 18,000 agents and more than 68,000 employees service 81 million policies and accounts – more than 79 million auto, fire, life and health policies in the United States and Canada, and nearly 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 34 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.

SOURCE Enterprise