Regions Foundation Announces Grants Supporting Small-Business Assistance
April 24 2020 - 09:00AM
Business Wire
Grants issued to Community Development
Financial Institutions in support of services for small businesses
impacted by COVID-19.
The Regions Foundation, an Alabama-based nonprofit initiative of
Regions Bank that supports community investments, on Friday
announced 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,” said Leroy Abrahams, head of Community
Affairs for Regions Bank. “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. Resources
specific to coronavirus impacts can be found at this link.
- Communities Unlimited: With its approach of connecting
people to solutions that sustain healthy businesses, healthy
communities and healthy lives, Communities Unlimited works to meet
financial needs for clients in underserved areas of Arkansas,
Texas, Louisiana, Mississippi, Alabama, Tennessee and Oklahoma. The
nonprofit’s resources specific to coronavirus impacts are available
here.
- 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. PeopleFund’s resources
specific to coronavirus impacts are detailed at this link.
- Access to Capital for Entrepreneurs (ACE): ACE is a
nonprofit Community Development Financial Institution 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: With a focus on
serving organizations that strengthen the social and economic
fabric of communities, 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 options available, from
alternative payment arrangements to certain loans and grants.
- Arkansas Capital Corporation: With its focus on
revitalizing communities by offering flexible capital solutions to
meet the unique needs of entrepreneurs, small businesses and other
commercial projects, Arkansas Capital Corporation works to meet
financial needs for clients in underserved areas of Arkansas and
beyond.
The Regions Foundation is identifying additional organizations
for financial support, and more grants will be announced in the
coming weeks. In addition, the Foundation recently announced it
will match, dollar-for-dollar, donations by Regions Bank associates
to United Way chapters and Community Foundations responding to
COVID-19 needs.
The Foundation is also 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.
Further, Regions Bank continues to offer a series of financial
options for customers suffering financial impacts from COVID-19.
Additional information on Regions Bank resources for those affected
by the coronavirus can be found at www.regions.com/coronavirus.
About Regions Foundation
Regions Foundation supports community investments that
positively impact the communities served by Regions Bank. The
Foundation engages in a grantmaking program focused on priorities
including economic and community development; education and
workforce readiness; and financial wellness. The Foundation is a
nonprofit 501(c)(3) corporation funded primarily through
contributions from Regions Bank.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $133 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,400
banking offices and 2,000 ATMs. Regions Bank is an Equal Housing
Lender and Member FDIC. Additional information about Regions and
its full line of products and services can be found at
www.regions.com.
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