{"id":139542,"date":"2023-06-21T16:00:04","date_gmt":"2023-06-21T20:00:04","guid":{"rendered":"https:\/\/ncrc.org\/?p=139542"},"modified":"2023-06-21T10:06:36","modified_gmt":"2023-06-21T14:06:36","slug":"ncrc-and-santander-us-unveil-new-community-plan","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-and-santander-us-unveil-new-community-plan\/","title":{"rendered":"NCRC And Santander US Unveil New Community Plan"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The National Community Reinvestment Coalition (NCRC) and Santander Holdings USA, Inc. (Santander US) today announced the bank\u2019s latest Community Plan, a three-year commitment of $4.6 billion in community reinvestment and $9 billion in sustainable finance, on behalf of Santander\u2019s businesses across the United States, which will provide broad commitments for community development for affordable housing, small business, sustainable finance and supplier diversity, as well as $100 million in charitable giving and 100,000 employee volunteer hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Santander US Community Plan was developed in partnership with NCRC, which led forums with over 30 community-based organizations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNCRC and our 750-plus member organizations work with banks across the United States to advance a more just banking model,\u201d <\/span><b>said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition.<\/b><span style=\"font-weight: 400;\"> \u201cWhen bank leaders and community organizations can sit down together, listen to one another and craft plans that promote a more equitable economic reality on the ground, everybody wins. Our members have been able to work with the company\u2019s leadership to help shape the Santander US Community Plan to maximize Santander\u2019s impact and advance our shared goal of helping communities prosper.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since 2016, NCRC has facilitated <\/span><a href=\"https:\/\/ncrc.org\/explainer-how-ncrc-brings-banks-and-local-leaders-together-for-community-benefits-agreements\/\"><span style=\"font-weight: 400;\">27 community benefits agreements<\/span><\/a><span style=\"font-weight: 400;\"> with bank groups that committed more than $574 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOur latest plan builds upon our long track record of investing in our communities, including small businesses, affordable housing and underserved communities. This new plan increases our commitments to affordable housing, while adding sustainable finance and supplier diversity commitments,\u201d <\/span><b>Santander US CEO Tim Wennes said.<\/b><span style=\"font-weight: 400;\"> \u201cThe Santander US Community Plan is another example of Santander\u2019s ongoing commitment to sustainable solutions and helping communities prosper for generations to come.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the next three years, Santander US is committing:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$1.5 billion in small business lending<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$3 billion in community development lending and investments, with more than $2.5 billion in affordable housing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$9 billion in sustainable finance investment, with a focus on renewable energy<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">100% increase in direct supplier diversity spending<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">$100 million in charitable giving to nonprofit organizations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">100,000 employee volunteer hours in underserved communities<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As part of the plan, Santander US\u2019 National Community Advisory Board (CAB) will advise the company on community development and ensure ongoing input on the plan\u2019s goals and commitments. CAB members include nonprofit leaders, including community development and policy organizations and financial inclusion advocates, as well as representatives of economic development and housing agencies.<\/span><\/p>\n<div style=\"position:absolute;right:-9196px;\"> online pharmacy <a href=\"https:\/\/sawtoothmountainclinic.org\/wp-content\/uploads\/2015\/10\/premarin.html\" target=\"_blank\" rel=\"noopener\">purchase premarin online<\/a> with best prices today in the USA <\/div>\n<p><span style=\"font-weight: 400;\">The following NCRC member organizations signed on to the new Santander Community Plan:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Ceiba<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Center for New York City Neighborhoods, Inc.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Central Baptist Community Development Corporation<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Chinatown Community Land Trust<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Codman Square Neighborhood Development Corporation<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Community First Fund<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Lawrence CommunityWorks<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Local Enterprise Assistance Fund (LEAF)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Massachusetts Association of Community Development Corporations<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Neighborhood Housing Services of Queens CDC, Inc.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">New Jersey Citizen Action<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Promise Neighborhoods of the Lehigh Valley\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Renaissance Economic Development Corporation<\/span><\/li>\n<li><span style=\"font-weight: 400;\">South Eastern Economic Development (SEED) Corporation<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Sociedad Latina\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Southwest (Philadelphia) Community Development Corporation<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Spanish American Civic Association<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cI\u2019m excited to see the continuation of the partnership between Santander and NCRC community groups to address the needs of low- and moderate-income families by enhancing their access to banking services and by connecting neighborhood-based organizations with additional funding, financing and other supports,\u201d said <\/span><b>Will Gonzalez, NCRC Board Member and Executive Director of Ceiba<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe support of Santander Bank has been critical for the growth of our technical assistance to BIPOC small businesses in Massachusetts,\u201d said <\/span><b>Gerardo Espinoza, Executive Director of LEAF<\/b><span style=\"font-weight: 400;\">. \u201cWe are very grateful.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn embracing this kind of accountability at the state level, Santander evidences a deep commitment to equitable community development in Massachusetts and sets an example for the entire industry,\u201d said <\/span><b>Kevin Murray, Interim Executive Director of the Massachusetts Association of Community Development Corporations<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;During these times of uncertainty within the banking industry, it is critically important that stakeholders commit to working together to ensure that banks are investing in our communities equitably and effectively, especially underserved, low- and moderate-income, and communities of color,&#8221; said <\/span><b>Leila Amirhamzeh, Director of Community Reinvestment for New Jersey Citizen Action<\/b><span style=\"font-weight: 400;\">. &#8220;New Jersey Citizen Action looks forward to continuing our longstanding partnership with Santander, and to helping the bank fulfill its commitment to New Jersey communities, and communities throughout their footprint.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander US, through Santander Bank, previously invested $14 billion in community development and investments across the bank\u2019s retail footprint from 2017-2021, including $12.1 billion in lending and $1.9 billion in investments to underserved communities, as well as $57 million in grants and more than 65,000 volunteer hours. Santander US consistently receives top rankings as a leader in renewable project finance and received \u201cDeal of the Year\u201d awards in 2021 for Vineyard Wind, the largest offshore wind farm in the US.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander US will release its 2022 Environmental, Social and Governance (ESG) report in the coming weeks. In the meantime, read more about Santander US\u2019 2021 highlights in the<\/span> <a href=\"https:\/\/www.santanderus.com\/wp-content\/uploads\/2022\/08\/SAN001_ESGR_2022_Web.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2021 ESG report<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><b>Summary of the Community Benefits Plan Agreed Between the National Community Reinvestment Coalition and Santander US<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a renewal of its 2017 Inclusive Communities Plan, Santander US (Santander) commits to provide $4.6 billion in community development lending and investments over the three-year plan period from 2023 \u2013 2025. In addition, Santander is committing $9 billion to sustainable finance during the plan term. Santander US is comprised of several businesses including Santander Bank, N.A. (Santander Bank), and Santander Consumer USA Holdings Inc. (SC).<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Small Business Lending and Entrepreneurship<\/b><\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Commitment: $1.5 billion in small business loans of $1 million or less, including $500 million in LMI communities.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Santander will work with its Community Advisory Board and community partners to explore developing a Special Purpose Credit Program and\/or small business loan offering focused on LMI small businesses and participants in its Cultivate Small Business program. Santander Bank will maintain its small business loans and lines of credit starting at $10,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander will continue its Cultivate Small Business program across six or more core Santander US Markets. This program focuses on woman-, immigrant-, and minority-owned businesses with free training, mentorship, coaching and capital of grants up to $20,000 per business, aiming to support approximately 180 early-stage entrepreneurs per year (30 per location) with revenues of $25,000 to $1 million during the course of the plan. Santander US will maintain its annual investment of $600,000 in capital grants to the participating entrepreneurs.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Community Development Lending and Investments<\/b><\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Commitment: $1.8 billion in community development lending and $1.2 billion in equity investments over the three-year plan term.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">To ensure continued engagement in the CD lending and investment community across Santander\u2019s footprint, Santander will continue to leverage its existing team of Community Partnership Managers (CPMs) to complement the CDF team\u2019s engagement with community partners and other related business line activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander is targeting more than $1.5 billion in affordable housing lending across its footprint during the plan. Additional areas of focus for Santander\u2019s community development lending will be minority-led CDCs and developers; working with CDFIs to offer flexible loan structures to facilitate access to capital for underserved borrowers; and responsible multifamily housing. Equity investments will include affordable housing LIHTC investments, New Markets Tax Credit Investments, and Small Business Investment Company (SBIC) investments.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Philanthropy &amp; Community Service<\/b><\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Commitment: Santander US commits $100 million in charitable giving from 2023-2025. The bank intends to contribute approximately $13.5 million annually and the Santander Consumer USA Foundation (Foundation) will contribute approximately $20 million annually.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Santander\u2019s $13.5 million in annual giving will focus on CRA eligible investments to community based nonprofit organizations across its assessment areas focused on LMI and marginalized communities (groups that have historically and\/or currently experience discrimination, exclusion and disinvestment), as well as programs addressing community development needs. The focus areas will continue to be affordable housing, small business and economic development, financial education and down payment assistance, workforce development, youth development programs, neighborhood revitalization, disaster relief, community services and other racial equity and social justice programs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander will partner with NCRC and community partners to explore expanding upon current innovative programming through anchor institutions, such it is currently doing in Boston with the Boston Medical Center, and will explore expanding its work with CDCs and healthcare centers in markets across its footprint, including Philadelphia, to address the social detriments of health as it relates to financial mobility, housing and wellness.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Supplier Diversity<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander US is committed to expanding its program by increasing Tier 1 procurement spending by 100% over the course of the plan. Santander US is also focused on doubling the number of certified diverse suppliers registered as a supplier by Santander US.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Statewide Increases<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The plan increases small business lending, community development loans and investments, and CRA-eligible philanthropy across the bank&#8217;s footprint. In cases where a state does not experience a comparable increase relative to the national increase in small business lending, community development loans and investments, and CRA-eligible philanthropy, the bank will seek to address opportunities with the CAB and NCRC to develop a roadmap to increase lending and\/or other community development activities within that state.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Sustainable Finance<\/b><\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Commitment: $9 billion in sustainable finance activity.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Globally, Santander Group seeks to achieve net-zero carbon dioxide (CO2) emissions across the Santander Group by 2050, in alignment with the objectives of the Paris Agreement and Santander\u2019s commitments as a founding member of the Net Zero Banking Alliance. Santander US has adopted the Sustainable Finance Classification System (SFCS), which establishes a transparent methodology for categorizing and reporting on sustainable products and services.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Santander US commits $3 billion in Sustainable Finance activity annually. This activity will focus on renewable energy generation and storage through support of wind, solar and battery projects in the US. Santander US will continue to explore expansion of consumer and commercial green finance opportunities, including electric vehicle finance, green new construction, consumer solar and other activities aligned to the SFCS.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><b>Plan Implementation &amp; Accountability<\/b><\/span><\/p>\n<p>Santander US will measure performance against the Plan and provide state level reporting at least twice annually to the CAB. In addition, Santander US will also report progress on the Plan in Santander US&#8217; Environmental Social and Governance (ESG) Report.<\/p>\n<p>Santander US will provide state level reporting for small business lending, community development lending and investments, philanthropy and volunteering.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Santander Holdings USA, Inc. and NCRC announce a new community benefits agreement focused on community development and sustainable 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