PNC Bank has launched a minority business development group that the bank said will provide products and resources to support the financial wellness of emerging minority businesses.

The minority business development group includes bankers and advocacy partners and will help prepare minority-owned businesses for effective growth, development and sustainability, PNC said in a statement. The group will invest in technology and financial solutions “to empower, educate and accelerate entrepreneurial success,” the bank said.

“By making this investment, we are further reinforcing our local market commitment to small businesses, and ensuring we are doing all that we can to help minority-owned businesses succeed and grow,” Alex Overstrom, head of small business at PNC, said in the statement. “PNC is dedicated to being an advocate and champion in this space, so I’m excited to see the team bring this commitment to life in communities across the country.”

The national initiative will be led by Marshalynn Odneal, PNC’s national sales executive for minority business. Her team will collaborate with PNC’s minority business development officers, community development banking and corporate responsibility groups, and regional presidents to establish and deepen relationships with minority-owned business clients and prospects, the bank said.

These teams will help minority-owned businesses through alliances with external organizations that support business development and offer technical support to foster business growth opportunities.

“Small businesses are the fabric of our communities, and it’s our privilege to help and support them,” Odneal said in the statement. “Through this work, we hope to become a true partner to minority business owners and arm them with the tools and support they need to be successful. Our team will be a part of these communities, fulfilling our mission of financial wellness for all by ensuring equitable access to products and solutions that will help these businesses thrive.”

This initiative will help support a portion of the bank’s $88 billion community benefits plan, the bank said, which will includes $26.5 billion in small business loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income individuals and neighborhoods through 2025. The community benefits plan was established for all of PNC’s markets as part of its acquisition of BBVA USA last year. PNC is expanding its retail branches into Massachusetts and currently has five Greater Boston locations.

“PNC’s Community Benefits Plan will have a direct impact on the work we’re able to do in these communities, including our ability to leverage and expand upon alternative lending options through external partners for Black and Brown business owners in LMI communities,” Odneal said.

The bank said it is also launching a PNC certified minority business advocate program to expand the focus on minority-owned businesses and the challenges they face. The voluntary advocacy training program is available to PNC employees interested in providing enhanced support for minority business decision makers, the bank said.

 

PNC Launches Group to Support Minority-Owned Businesses

by Banker & Tradesman time to read: 2 min
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