Santander Bank has awarded the NCRC Community Development Fund (NCRC CDF) a $300,000 grant to provide loans and technical assistance to small businesses. This funding will enable NCRC CDF to reach and support more small businesses so they can create jobs, stimulate economic growth, and strengthen their communities.
Small businesses across the country are often overlooked when it comes to traditional financing options. This leaves many entrepreneurs, particularly those in underserved communities, struggling to access the capital they need to grow and thrive, thus leaving them to fall prey to predatory lending because they have no other choice. NCRC CDF, a Community Development Financial Institution (CDFI), is working to change that. With a mission to bridge the racial wealth gap and promote economic opportunity, NCRC CDF provides loans, technical assistance, and other financial services to small businesses.
“The NCRC Community Development Fund would like to thank Santander for their generous grant of $300,000 in support of our community lending efforts,” said Mac McNeil, Executive Director of the NCRC Community Development Fund. “These funds will make a real impact for small businesses in Santander’s footprint by providing them with more working capital and assisting with their capacity-building efforts. This partnership is a great example of how private business can partner with national CDFIs to drive real change in financial inclusion.”
Racism is ingrained into our financial system, which has led to entrepreneurs of color battling insurmountable odds towards securing affordable capital to launch and sustain their businesses. Black people are roughly 12% of the US population but own less than 3% of all employer firms in the country. Even those severely underrepresented few who manage to create a small business are much less likely than their White peers to get their funding needs met.
NCRC CDF is committed to breaking down these barriers and creating a more equitable financial landscape. By working together with Santander Bank, we plan to create a more inclusive and equitable economy where all businesses, regardless their geographic location or socioeconomic makeup, have the opportunity to thrive.
Lexine Varughis is NCRC CDF’s Grant and Compliance Specialist.
Photo by Alan English via Flickr.
