US Bank to provide USD 1 mln grants to black-led CDFIs

Thursday 13 August 2020 10:43 CET | News

US Bank Community Development Corporation (USBCDC) has announced USD 1.15 million in grants to more than a dozen Black-led Community Development Financial Institution (CDFI) partners.

This is part of US Bank’s overall USD 116 million commitment to addressing social and economic inequities. A total of 15 CDFIs will receive grants ranging from USD 50,000 to USD 100,000 while the African American Alliance will receive USD 150,000 to support Black-led CDFIs to help measure their combined impact and speak as a united voice for the industry, according to the official press release.

Grants will be used for direct support to Black businesses, families, and individuals to offset financial stresses caused by COVID-19, or for organizational capacity building. The African American Alliance represents 29 Black-led CDFIs focused on increasing capital and financial services to African American-owned businesses. US Bank has a history of support for CDFIs, providing them more than USD 400 million in capital by end of 2019.

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Keywords: US Bank, grants, black-led, CDFI, USBCDC, US Bank Community Development Corporation, Community Development Financial Institution, COVID19, financial stress, black businesses, African American Alliance
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech