Union Bank has announced the launch of a $10 million initiative aimed at addressing social and racial injustice in the United States.
The Community Recovery Program will focus on building economic stability in communities where the bank operates, with a particular focus on marginalized communities. The program includes commitments of $5 million in support of small business recovery efforts, including partnerships with business accelerator programs and micro-lending initiatives; $3 million to provide immediate and long-term work re-entry assistance and create "green jobs"; and $2 million in support of financial education and social safety-net services.
Funding for the program represents a portion of the fees Union Bank received processing loans as part of the federal Paycheck Protection Program. The commitment is in addition to a previously announced commitment of $3 million in support of communities impacted by COVID-19.
"The pandemic has had a disproportionate impact on Black, Asian, and Latino communities — both in terms of adverse health outcomes as well as increased economic headwinds due to layoffs, business closures, and related financial challenges," said Union Bank president Greg Seibly. "We are committed to supporting these communities in particular and are taking the necessary next step to apply the right resources toward supporting communities of color."