The Arvest Opportunity Fund, a wholly owned, nonbank subsidiary of Arvest Bank, has been certified as a Community Development Entity by the Community Development Financial Institutions Fund (CDFI) of the U.S. Department of the Treasury.
The Arvest Opportunity Fund, created in 2022, offers loans, lines of credit and lending-related financial education to small business customers and individuals who fall just below existing bank credit requirements. The programs serve as a bridge for customers to move from their current state to a position where they can fully access traditional bank products and services.
To become certified, the Arvest Opportunity Fund successfully demonstrated a primary mission of serving low-income individuals and communities and maintaining accountability to those efforts to an advisory board. In July, the Arvest Opportunity Fund established its advisory board, which includes six members from across the bank’s four-state footprint.
The Arvest Opportunity Fund is now eligible to apply for an allocation of New Market Tax Credits, which help attract private capital to economically distressed communities.
“This certification supports our broader goal of providing economic stability and financial security to individuals, families and businesses, which helps create healthier communities,” said Arvest Opportunity Fund Executive Director Hillis Schild. “I am very excited about the doors this may open for us and, most importantly, our customers and communities.”
Since its creation, the Arvest Opportunity Fund has introduced additional products and services, such as the Arvest Homebuyer Advantage mortgage product in partnership with Arvest Bank, which helps first-time homebuyers who do not have sufficient down payment funds, among other benefits. In 2024, the organization launched EmpowerED, a free bilingual mobile-first financial education platform to provide consumers with resources to make informed financial decisions.