Denied KingBOB99878 - Grant Application

[KingBOB99878]

Firm Name
FirstThirdBank

Which grant pool are you applying for?
Innovation, Startup, Research and Development (R&D)

How do you plan on using your grant funding?
Purpose of Funding:
The requested $200,000 will be used to establish a fully operational, manual, staff-verified bank serving individuals and businesses within Redmont. The capital will primarily fund a loan program, allowing the bank to issue personal and business loans at competitive interest rates. These loans will generate interest income, enabling the bank to operate independently and sustainably without ongoing external support.

Impact and Benefits:

Create a trusted financial institution where all transactions are transparent and insured.

Support economic activity by providing capital to players and businesses for growth.

Implement Certificates of Deposit (CDs) and other financial products to encourage savings and investment.

Maintain deposit insurance, guaranteeing client funds plus 10% compensation in the event of loss, reinforcing trust and security.

Expected Outcome:
Fifth Third Bank will become a profitable, self-sustaining bank, contributing to Redmont’s economy by providing reliable financial services, supporting local businesses, and promoting responsible financial management among its clients.

Ideal Grant Amount 200k

If awarded, I intend to use the grant money allocated to me for its intended purpose on which it was approved for, and provide a breakdown in my application thread of how the funding was used.
Yes

 

[Dept. Commerce]

Denied

The DoC has decided to reject your application grant funding for loan capital, as our grants are limited to supporting innovation, infrastructure, and programs with direct public benefit rather than underwriting private lending pools.