League Reinforces its Commitment to Drive Economic Opportunity in Underserved Communities
NEW YORK – August 29, 2024 –The NFL is expanding its commitment to support diverse enterprises across the country to help drive economic opportunity in underserved communities.
Last year, the league secured $78 million in funding from 16 Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), and minority- and women-focused lenders. Today, the league has doubled down on its commitment by securing an additional $21 million in loans from 10 additional banking partners, totaling $99 million in funding from 26 institutions in the last two years.
“The NFL is committed to closing the economic opportunity gap by providing underrepresented community banks broader visibility and opportunities typically only available to larger financial institutions,” said Christine Dorfler, chief financial officer of the NFL. “We see this initiative as an investment in our fans and communities across underrepresented regions of the country. Because of this initiative, organizations and individuals who may not have access to capital will have an opportunity to finance their dreams and ambitions.”
In partnership with Bank of America, the NFL identified financial institutions dedicated to providing essential investments to a diverse range of individuals, businesses, and communities to help drive economic progress and opportunity.
“The ‘Impact Banking’ Movement is growing thanks to partners like the NFL that are banking with their values,” said Ashley Bell, co-founder of National Black Bank Foundation. “By including cornerstone institutions of culture and community in these transactions, community-based banks are stronger and better equipped to fulfill their missions: to extend hope and credit to neighborhoods that have relied on them through the years.”
This year’s new banking partners include:
· Piermont Bank (MDI, Asian American Women-owned and led in New York, NY)
· Nave Bank (MDI, Hispanic Owned in San Juan, PR)
· Legacy Bank (MDI, Black or African American Owned in Murrieta, CA)
· Carver Federal Savings Bank (MDI, Black or African American Owned in New York, NY)
· Commonwealth National Bank (MDI, Black or African American Owned in Mobile, AL)
· Carver State Bank (MDI, Black or African American Owned in Savannah, GA)
· Anchor Bank (MDI and CDFI, Hispanic Owned in Palm Beach Gardens, FL)
· Liberty Bank & Trust Co. (MDI, Black or African American Owned in New Orleans, LA)
· Tioga-Franklin Savings Bank (MDI in Philadelphia, PA)
· Alamerica Bank (MDI, Black or African American Owned in Birmingham, AL)
The NFL continues to make headway in its commitment to advancing inclusion and opportunity across the League, its clubs, and communities. Recently, the NFL announced the rollout of NFL Source, an evolution of the league’s supplier diversity commitments which seek to standardize how the NFL and its partners support working with underrepresented businesses locally and nationally, year-round. To learn more about the program and to join the NFL’s directory, visit source.nfl.com.
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