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Citizens Announces $10 million Investment to Promote Underserved Communities

Citizens Announces $10 million Investment to Promote Underserved Communities

Citizens Financial Group, Inc. which is nation’s largest financial institutions, with headquartered in Providence, Rhode Island. It has $176.7 billion in assets as of March 31, 2020.

It has committed $10 million in support of minority owned small businesses. The support also includes $500 million add on financing and equity for small businesses, housing etc. of minority communities.

Business program: This program will allow the minority to get access to easy funds depending on their skills. The grant recipients will also receive mentorship support to enhance their existing skills and be accessible to new businesses.

This fund will include a part where 25 minority entrepreneurs who are interested in launching new ventures will be given additional capital for training and $10,000 equity grants.

Housing projects viability: In a sperate fund, Citizen will try and provide support by partnering in providing affordable Housing in predominantly minority census tracts for Low-Income group.

Banking with un-banked: In a longer term, the company is planning to engage more with unbanked customers (customer those who generally face hindrances in finding employment and housing) by providing alternate credit. Source: https://www.businesswire.com/news/home/20200625005661/en/Citizens-Announces-10-million-Investment-Promote-Social