Walton foundation seeds money for loans in 2 Delta counties

HELENA-WEST HELENA — The Walton Family Foundation is sending $750,000 to a loan fund to increase business lending in parts of the Arkansas and Mississippi Delta regions.

The money was loaned to Southern Bancorp Community partners, a nonprofit fund associated with Southern Bancorp, based in Helena-West Helena.

The money, which must be repaid after 10 years, will be loaned to small businesses and community groups in Phillips County, Ark., and Coahoma County, Miss.

Southern Bancorp Community Partners, the loan fund, seeks investments from various sources and intends to raise money to match Walton's investment.

Southern Bancorp spokesman Nathan Pittman said the loan fund secured $20 million in capital last year.

Rob Walton, former Wal-Mart Stores chairman and Sam Walton's son, was one of the founders of Southern Bancorp.

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