The NFL Borrows $78 Million From Minority-Owned Banks, Strengthening Support for Diverse Business Owners
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- The National Football League is borrowing from 16 Minority Depository Institutions, Community Development Financial Institutions and minority- and women-focused banks
- The loans will help fund growth, increase investment back into the communities the banks serve and create broader visibility for the institutions themselves
- The NFL consulted with Bank of America to identify the banks and structure a 3-year term loan facility
The NFL announced it is borrowing $78 million from 16 Minority Depository Institutions, Community Development Financial Institutions and minority- and women-focused banks to support and expand business opportunities with diverse enterprises across the country. The League worked with Bank of America to identify these financial institutions that provide vital investments to diverse individuals, businesses, and communities.
The NFL is establishing relationships with diverse financial institutions to provide new economic opportunities typically only available to larger financial institutions and to increase the diversity of its banking partners. Additionally, the new business opportunities will help fund growth, increase investment back into the communities they serve and create broader visibility for the institutions themselves.
“The NFL is thoroughly committed to improving diversity across all aspects of the League, and that includes doing business with diverse suppliers and partners,” said Joe Siclare, Executive Vice President of Finance and League Policy at the NFL. “We are excited that this program, will help enhance the reach of these institutions while investing in the local communities that they serve.”
The NFL collaborated with Bank of America to identify these banks and structure a new three-year term loan facility that provides not only financial returns generated from interest but also access to the League and its Clubs for future endeavors.
“The NFL consulted with Bank of America to establish this opportunity for diverse financial institutions,” said Elliott McCabe, Managing Director of Bank of America’s Sports Finance & Advisory Group. “We share a commitment to advancing diversity & inclusion and economic opportunity, and through this effort we will help provide these institutions with new opportunities to engage with the League and the local Clubs in their communities.”
The NFL and Bank of America also consulted with National Black Bank Foundation (NBBF), a leading organization that provides legal, regulatory and operational support services to Black-owned banks. NBBF seeks to support historically undercapitalized banks and has been an invaluable partner to the League as it advances its diversity and social justice efforts.
“Minority-focused banks, and especially Black-owned or operated banks, are trusted community partners that are more important now than ever given the challenges we are seeing across the country in banking,” said Ashley Bell, co-founder of National Black Bank Foundation. “The NFL’s decision to look for solutions beyond Wall Street and to the centers of hope along Main Street and MLK Jr. Drives will move the needle as others follow their lead.”
The Minority Depository Institutions, Community Development Financial Institutions, and minority and women-focused lenders that the NFL is partnering with include:
- Adelphi Bank – Columbus, OH (MDI, Black or African American owned)
- Agility Bank, N.A. – Houston, TX (MDI, Women-owned and led)
- Asian Bank – Philadelphia, PA (MDI and CDFI, Asian or Pacific Islander American owned)
- Central Bank of Kansas City – Kansas City, MO (CDFI)
- Citizens Savings Bank and Trust Company – Nashville, TN (MDI and CDFI, Black or African American owned)
- Citizens Trust Bank – Atlanta, GA (MDI and CDFI, Black or African American owned)
- City First Bank, National Association – Washington D.C. (MDI and CDFI, Board is majority African American)
- First Independence Bank – Detroit, MI (MDI and CDFI, Black or African American owned)
- FWBank, an Illinois Banking Institution – Chicago, IL (Women-owned, women-led and women-focused)
- Industrial Bank – Washington D.C. (MDI and CDFI, Black or African American owned)
- Mechanics and Farmers Bank – Durham, NC (MDI and CDFI, Black or African American owned)
- Optus Bank – Columbia, SC (MDI and CDFI, Black or African American owned)
- Ponce Bank – The Bronx, NY (MDI and CDFI, Board majority is Hispanic American)
- Southern Bancorp Bank – Arkadelphia, AR (CDFI)
- Texas National Bank – Mercedes, TX (MDI and CDFI, Hispanic American owned)
- Unity National Bank of Houston – Houston, TX (MDI, Black or African American owned)
The NFL is making strides to improve diversity across the League and its clubs, from working with minority- and women-owned vendors for tentpole NFL events to hiring and retaining diverse talent at all levels.