Certified CDFI

What it Means to be a CDFI

  • Community Development Financial Institutions – or CDFIs – are mission-driven financial institutions that are dedicated to providing financial services to meet the needs of economically disadvantaged individuals within underserved communities.
  • CDFIs invest in local communities and the residents who live there by providing critically needed financing for development of commercial and residential real estate; small businesses; and consumers.
  • CDFIs are certified by the U.S. Department of the Treasury's Community Development Financial Institution Fund – known as the CDFI Fund. All CDFIs share a common mission of serving low-income communities.
  • As a CDFI, State Bank & Trust Company puts the community first and values local, economic growth.


State Bank is committed to expanding economic opportunity in low-income communities. State Bank provides a host of innovative financial products and services that meet the needs of local residents and businesses; including:


State Bank's Small Dollar Loan Program offers an innovative alternative to predatory payday lending. This program is designed for a broad base of customers and to be a financial alternative to high interest rate loans offered by non-bank providers. The goal is to develop and retain long-term relationships with our communities' residents. Loans are designed to be affordable; reduce loan principal; and utilize efficient streamlined risk-based underwriting. Loan amounts are up to $2,500. Your application is subject to credit approval and will be evaluated using a credit scoring system that assigns a numerical value to various items SB&T considers when evaluating all loan applications. A consistent source of income is also required and subject to an acceptable debt-to-income ratio.

SCORE LOAN PROGRAM (Small-Dollar Credit Overhaul Repair & Elevate)

This program is designed to encourage savings, be a financial alternative to high interest loans offered by non-bank providers, and includes education on how to improve finances and ultimately your credit score. Applicants who are at least 18 years old, have a consistent source of income, and have completed a bank approved financial education course within the last year are eligible to apply for a SCORE! Loan. Loan amounts range from $1,000 to $2,000 depending upon your eligibility with terms of 12 to 24 months. A SB&T checking and savings account is required to be opened and maintained for the life of the loan. Your application is subject to credit approval and will be evaluated using a credit scoring system that assigns a numerical value to various items SB&T considers when evaluating all loan applications. These numerical values are based on the results of analyses or repayment histories of a large number of customers. While your SCORE! Loan application will be processed using a credit scoring system, a credit bureau score of approximately 540 is required for loan amounts up to $1,000. A credit bureau score of approximately 600 is required for loan amounts greater than $1,000. The lack of a credit bureau score is acceptable, provided all other program requirements are met. One-half of the loan proceeds will be deposited into your SB&T savings account and held for the entire loan term as collateral for the SCORE! Loan. The other half of the loan proceeds will be deposited into your SB&T checking account and will be available for immediate withdrawal. At the end of the loan term, the half held in your SB&T savings account as collateral will be available for withdrawal. Loan payments will be automatically drafted from your checking account monthly, until the loan is repaid or when the loan is paid in full.

HOME ACCOUNT (Home Ownership Made Easy)

Buying your first home is an important milestone and at State Bank we understand that saving for your first home is an important first step in the process. This account is a special savings account for first-time homebuyers in Mississippi. Beginning in 2018, the money deposited into the account is deductible from Mississippi State income taxes. The interest earned on the deposits is also free from state income tax reporting. Individuals can contribute up to $2,500 a year; couples can contribute up to $5,000 a year. Savings can be used for down payments, loan origination charges, appraisal fees, credit report fees, flood certifications, title charges, deed charges, and other closing costs listed on the closing disclosures. Your account can stay open year after year until you decide to buy your first home in Mississippi, as long as the account holder is a qualified first-time homebuyer.


This program is designed to help the "unbanked" enter the financial mainstream by opening checking and savings accounts. For consumers located in the Baton Rouge Metropolitan area who have had issues managing their accounts in the past; the consumer is given a second chance to qualify for a RESTORE account. This account is a low-cost account with no monthly minimum balance requirement for customers who would not normally meet the credit reporting requirements for opening a deposit account. Depending upon the applicants ChexSystem histories, financial education may be required prior to opening the account. The account also allows for the waiver of one set of NSF/overdraft fees per year as long as the customer has taken the required financial education course. No overdraft privilege will be available with this account.


Through a partnership with Banzai, State Bank provides financial education to our local high school students at no cost to the school district, teachers, or students. Banzai, through SB&T funding, provides the schools with all of the necessary materials and training for the teachers. The Banzai material is all interactive and is incorporated into the school's curriculum so that each day, students will have the opportunity to learn more about banking products, saving, credit, as well as other financial matters. It is our hope that with the high schoolers will graduate and know more about what it means to be financially responsible.


The Special Needs Assistance Program (SNAP) grant is offered by the Federal Home Loan Bank of Dallas through its members for the rehabilitation of owner-occupied homes where the household is not only income-qualified (80% or less of area median income), but also contains a qualified special-needs household member. Special-needs individuals include persons who are elderly (age 55 or greater), mentally or physically disabled, recovering from physical, alcohol, or substance abuse, or living with HIV/AIDS. These grants are awarded in amounts up to $6,000, depending upon contributions by its members.


Financial education is important. State Bank is committed to helping you achieve your financial goals and dreams and we have qualified, dedicated, and motivated staff who routinely teach financial education in our communities through a variety of programs and partnerships.

For information about any of the above programs or to request financial education in your area; please call (601) 420-4412 or (601) 420-4403.