The commitments, which boost Citi's funding of COVID-related efforts to more than $100 million, include $25 million in proceeds from the company's partnership with the National Banking Association to buy Paycheck Protection Program loans in the secondary market. The funds were donated to the Citi Foundation, which will deploy $15 million to Community Development Financial Institutions (CDFIs) working to support small businesses owned by people of color and low- and moderate-income individuals and communities. The remaining $10 million in net PPP profits was awarded by the foundation to the Local Initiatives Support Corporation in support of the New York Forward Loan Fund, which works with CDFIs to make working capital loans to small businesses, nonprofits, and small landlords.
Additional investments in longer-term solutions to the pandemic include $2.5 million in support of the World Central Kitchen's #ChefsForAmerica relief effort; $1 million to Credit Builders Alliance in support of housing stability loans in the New York City metro region, Miami, and Chicago; and five thousand free annual Citi Bike memberships to essential workers in New York City.
International commitments include contributions to Comité de Ayuda a Desastres y Emergencias Nacionales in Mexico for the purchase of personal protective equipment for healthcare workers; the Felix Project in the UK and Banco Alimentare della Lombardia in Italy as part of a campaign through which Citi's Europe, Middle East, and Africa trading businesses donated $1 per $1 million traded; and $1 million of trading revenue to the United Nations Development Programme in support of vulnerable communities in the Asia-Pacific region.
"COVID-19 has brought to the forefront the racial, economic, and social inequalities that exist in our communities," said Citi CEO Michael Corbat. "Partnering with community-based financial institutions to support those businesses and populations most impacted helps address the disparities that persist and support our communities in need."
(Photo credit: CDC Foundation)