PROVIDENCE – Citizens Financial Group Inc. will invest $10 million in grants and donations to programs that support minority-owned small businesses, racial awareness and underserved communities, according to a news release.
The investment will also include more than $500 million in incremental financing and capital in predominantly minority communities for small businesses, housing and other development, the release stated.
Some grants for minority-owned businesses will be awarded through the bank’s existing small-business grant program. The bank will also partner with local Community Development Financial Institutions to offer $10,000 in equity grants to 25 minority entrepreneurs. There will also be funds available for housing and community-development projects.
Roughly $500,000 will be donated to national nonprofits that offer education and workforce development, including 100 Black Men of America, the United Negro College Fund, Posse Foundation, the NAACP and the National Urban League.
The bank will also match 2-for-1 any of its employee donations to eligible nonprofits during the month of July.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
