The Regions Foundation, an Alabama-based nonprofit initiative of Regions Bank, will provide a series of grants totaling $375,000 for community development financial institutions (CDFIs) that are helping small businesses affected by the novel coronavirus.
“The men and women who own, operate and work for small businesses are in the midst of an extremely difficult time, and as an organization, Regions is taking several steps to provide assistance and support,” Leroy Abrahams, head of community affairs for Regions Bank, said. “The CDFIs receiving grants from the Regions Foundation are working directly with small businesses to help them weather this storm. In addition, at Regions Bank, our financial professionals are working hand-in-hand with bank clients to connect them with options that can help. We are invested in the success of our communities, and we will continue to seek additional ways that we can use our resources, experience and insights to support the recovery.”
From the $375,000 total, investments of varying amounts will be granted among the following CDFIs:
- Hope Enterprise: With services that include a regional credit union (Hope Credit Union), loan fund (Hope Enterprise Corporation) and policy center (Hope Policy Institute), Hope works to meet financial needs for clients in underserved areas of Mississippi, Alabama, Arkansas, Louisiana and Tennessee.
- Communities Unlimited: Communities Unlimited works to meet financial needs for clients in underserved areas of Arkansas, Texas, Louisiana, Mississippi, Alabama, Tennessee and Oklahoma.
- PeopleFund: PeopleFund is focused on creating economic opportunities and financial stability across Texas. The nonprofit reaches the underserved through access to capital, education and resources to build healthy small businesses.
- Access to Capital for Entrepreneurs (ACE): ACE is a nonprofit CDFI that specializes in small-business funding and business advisory services. The organization is currently coordinating with clients, government and corporate partners on a variety of COVID-19 relief initiatives for businesses. ACE is supported by grants and other forms of funding from banks, foundations, government entities and corporations to assist in its mission to help underserved business owners.
- South Carolina Community Loan Fund: South Carolina Community Loan Fund specializes in financing initiatives that support access to housing, food and other essential services. South Carolina Community Loan Fund is guiding companies on available options from alternative payment arrangements to certain loans and grants.
- Arkansas Capital Corporation: Arkansas Capital Corporation works to meet financial needs for clients in underserved areas of Arkansas and beyond.
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The Regions Foundation is identifying additional organizations for financial support, and more grants will be announced in the coming weeks. In addition, the foundation will match, dollar-for-dollar, donations by Regions Bank associates to United Way chapters and Community Foundations responding to COVID-19 needs.
The foundation also is supporting Birmingham Strong, an initiative fueled by private, public and civic leadership in Regions’ headquarters city with the goal of helping a variety of businesses affected by the virus.
