June 15th 2023.
The National Football League (NFL) recently announced it is taking steps to support Black- and minority-owned banks by borrowing $78 million from sixteen Minority Depository Institutions, Community Development Financial Institutions, and minority- and women-focused banks. This is part of the NFL's commitment to diversity, which includes doing business with diverse suppliers and partners.
Joe Siclare, Executive Vice President of Finance and League Policy at the NFL, said in a written statement that this initiative will help enhance the reach of these institutions while investing in the local communities they serve.
The NFL connected with Bank of America, who helped to structure a three-year term loan and gave the institutions access to the league in hopes of creating future business opportunities. This type of initiative was done before with an NBA team and Major League Soccer, as reported by CNBC. The National Black Bank Foundation facilitated loans of $35 million for an Atlanta Hawks practice facility in 2020, and a $25 million loan for Major League Soccer in 2021.
The National Black Bank Foundation was contacted to complete this initiative, and the following banks were included: Adelphi Bank in Columbus, OH; Agility Bank in Houston, TX; Asian Bank in Philadelphia, PA; Central Bank of Kansas City in Kansas City, MO; Citizens Savings Bank and Trust Company in Nashville, TN; Citizens Trust Bank in Atlanta, GA; City First Bank in Washington DC; First Independence Bank in Detroit, MI; First Women’s Bank in Chicago, IL; Industrial Bank in Washington DC; Mechanics and Farmers Bank in Durham, NC; Optus Bank in Columbia, SC; Ponce Bank in The Bronx, NY; Southern Bancorp Bank in Arkadelphia, AR; and Texas National Bank in Mercedes, TX.
The NFL is proud to be supporting these institutions, and looks forward to continuing to do business with diverse suppliers and partners in the future.
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