In 2020, PNC made a commitment to help challenge systemic racism and support the economic empowerment of Black and low- and moderate-income (LMI) individuals and communities in Alabama and the other 29 states within our footprint.
While our commitment to LMI individuals and communities is not new, we have approached this work with a more deliberate focus on the Black community. As we bring this commitment to life in communities across the country, we are actively and consciously working toward equity, with kindness, compassion and — most importantly — a clear sense of responsibility.
Totaling more than $1 billion, this commitment will expand in 2022 as it becomes part of PNC’s broader $88 billion Community Benefits Plan, which will provide loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning this year. The Plan incorporates, builds on and expands the pledges and plans previously announced by PNC and BBVA, USA to help advance economic empowerment and address systemic racism, and will be largely executed through PNC’s Regional President and Community Development Banking teams in local communities.
In Alabama, we are working with leading community organizations such as Urban Impact to make significant progress in carrying out this commitment. In 2021, PNC awarded a $50,000 multi-year grant to support Urban Impact’s efforts to fund small business development in the 4th Avenue Business District, Civil Rights District, and surrounding neighborhoods. In addition to technical assistance and support, Urban Impact will use the PNC investment to help seed its IMPACT Loan Fund, which will offer loans from $500 to $25,000 to qualifying women and minority small business owners in the targeted communities.
These loans are just one way we’re driving real change in areas in which we, as a financial institution can make a difference. We are proud of the impact of this work across our footprint, including $54M in affordable housing, $115M in economic development, $54M in community service, and $115M in neighborhood revitalization efforts over the past 11 months. To learn more about PNC’s $88 billion Community Benefits Plan as well as how we'll continue to build on this transformative work in 2022, keep reading on PNC Insights.