17. What if an Applicant does not have a board-approved strategic plan to demonstrate that it has a stated Primary Mission to promote Community Development?

If the Applicant does not have a board-approved strategic plan, it must submit a board- or owner-approved narrative that describes the community development outcomes that the Applicant believes will result from the provision of its Financial Products and Financial Services, and how those Financial Products and Financial Services lead to those outcomes.

As evidence of a community development strategy, the Applicant’s strategic plan or narrative should include references to:

• the Applicant’s geographic and/or demographic Target Market and the needs of and/or opportunities in the Target Market, which might include quantitative data or qualitative input from members of that Target Market;
• one or more community development goals and objectives and/or how the Applicant intends to meet those goals and objectives; and
• how the Applicant’s Financial Products and Financial Services, Development Services, and/or other activities are expected to improve the social and/or economic conditions of that Target Market.