Major financial institutions prioritize support for minority-owned businesses
The National Football League (NFL) is borrowing $78 million from a syndicate of Black- and minority-owned banks and community development financial institutions to increase lending in underrepresented communities. The loan deal will generate "tier 1 capital" for the banks and CDFIs, boosting their lending power by millions through banking fees and interest. The NFL's involvement will create opportunity for Black- and minority-owned banks to make income and then put that money out into the community, according to Dominik Mjartan, CEO of Optus Bank in Columbia, South Carolina, one of 16 financial institutions partnering on the loan.