NFL Boosts Its ‘Impact Banking’ Commitment By Securing $21M Through NBBF For Minority Banks
Source: Aaron M. Sprecher / Getty
With the help of the National Black Bank Foundation, the NFL is expanding its commitment to support and grow business opportunities with diverse enterprises nationwide.
According to a press release, the NFL confirmed on Tuesday that it has secured additional loans totaling $21 million from 10 new Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs) and minority- and women-focused banks.
“There is no question this program has enhanced the reach of our partner institutions, and those returns are already being reinvested in the communities that they serve,” said former NFL safety Ryan Clark, an Emmy Award winner and board member for the National Black Bank Foundation (NBBF).
To date, the partnership has yielded $99 million in funding from 26 institutions over two years.
The news comes just one year after the NFL partnered with Bank of America and the NBBF to identify financial institutions dedicated to providing essential investments to underbanked communities and businesses who may otherwise struggle to secure financing from larger institutions.
NBBF has helped to include Black and minority-led banks in transactions totaling more than $1.3 billion since its creation following the police killing of George Floyd.
NBFF co-founder Ashley Bell said partners like the NFL who are “banking their values” are directly responsible for the significant recent growth in the “impact banking” movement.
“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,” Bell said.
Bell is board chairman and CEO of Redemption Holding Co., the Black-led investment group awaiting regulatory approval to finalize its purchase of Utah-based Holladay Bank & Trust and create the only Black-owned bank between Houston and Los Angeles. She is also the founder and CEO of fintech startup Ready Life and a frequent entrepreneurial collaborator with Dr. Bernice A. King, CEO of the King Center and the youngest child of Dr. Martin Luther King Jr. and Coretta Scott King. Bell and King co-founded the NBFF, which provides legal, regulatory and operational support services to historically undercapitalized Black-owned banks.
The NFL is not only trying to boost the visibility of participating minority-led banks, their also expanding that commitment to help Fund minority banks’ growth, provide opportunities to a diverse range of individuals and businesses in underserved areas of the country and increase investment in minority and women-fused businesses and communities.
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