Siemens Foundation, Northern Trust commit $10 million to CDFIs

Siemens Foundation, Northern Trust commit $10 million to CDFIs

The Siemens Foundation and Northern Trust have announced a $10 million commitment to two community development financial institutions in support of efforts to advance racial and social equity in underserved communities.

With the goal of advancing racial and social equity in the real estate industry, the companies will invest in the Enterprise Community Loan Fund at Enterprise Community Partners in support of its Equitable Path Forward initiative, which is designed to strengthen businesses and career pathways in the industry for Black, Indigenous, people of color, and other historically marginalized groups. In addition, investments by the companies in the Primary Care Development Corporation will provide investment capital, technical assistance, and data analytics to primary and community-based healthcare  providers — including Federally Qualified Health Centers, behavioral health clinics, and substance abuse facilities — serving low-incomed communities. In April, the Siemens Foundation awarded COVID-19 relief grants totaling $1.5 million to community health centers in twelve U.S. cities struggling to provide affordable health care to the uninsured and medically underserved.

"Given the disproportionate impact of COVID-19 on the health and economic lives of BIPOC communities, affordable housing, business stabilization, and primary health care, support is more important than ever," said Siemens Foundation CEO David Etzwiler. "We're honored to partner with ECLF and PCDC as they promote financial stability and health equity across the country."