Santander Bank N.A. has announced grants totaling $6.6 million to a hundred and seventy-seven community-based nonprofit organizations and fifteen community development financial institutions in eight Northeastern states.
Awarded to organizations in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware, the grants bring the bank’s total community-based giving in 2017 to nearly $11 million, including more than $4.1 million to nonprofits working to provide financial education and small business support to low- and moderate-income (LMI) individuals, families, and business owners, and more than $1 million in support of private-sector CDFIs.
The most recent awards include a grant of $110,000 to the Union County Economic Development Corporation to expand a pilot program that supports home-based childcare provider businesses operating in underserved areas in New York City, Newark, and Philadelphia; a grant of $100,000 to Community First Fund in support of a $2 million loan fund that provides business start-up and expansion loans to Hispanic and African-American entrepreneurs and small businesses operating in underserved neighborhoods in central Pennsylvania; a grant of $75,000 to the Dorchester Bay Neighborhood Loan Fund in support of its microlending program, which provides loans and comprehensive pre- and post-loan technical assistance to entrepreneurs in low-income neighborhoods in Boston; and a grant of $50,000 to the Enterprise Center Capital Corporation in Philadelphia to increase its capacity to make loans and provide one-on-one business training, technical assistance, and loan preparation services to LMI entrepreneurs and small business owners in Pennsylvania's Philadelphia, Montgomery, and Delaware counties.
"Community development financial institutions are important partners for us," said Gwen Robinson, Santander's director of corporate social responsibility. "They complement our financing by investing in small businesses and community development projects with technical assistance and support. We are looking forward to building new relationships with CDFIs in our footprint as part of our grant funding, in addition to investing in over a hundred strong community-based organizations."
For a complete list of grant recipients, see the Santander website.