Understanding that when businesses in a community prosper, the people in that community prosper, PNC Bank has partnered with Coralus to identify small businesses owned by women and non-binary individuals for loans at 0% interest, reports Entrepreneur.
The Project 257 SM is the partnership between PNC and Coralus, a global nonprofit organization. The goal is to accelerate financial equality for women, an effort to help close the economic gender gap identified by the World Economic Forum.
PNC Bank, which is based in Pittsburgh, USA, understands that small businesses are the fabric of their communities and play an important role in sponsoring local charities or offering a desirable good or service to their market.
As a bank that strives to leverage the power of its resources to help everyone advance financially, PNC has the unique opportunity to drive advocacy initiatives, as its employees and leaders are part of those same communities.
Coralus has identified that one of the reasons for the significant gender economic gap that exists is because of unequal access to credit, so providing 0% interest loans to women-owned and non-binary small businesses that impact their communities solves one of the challenges on the world's to-do list, a list of the UN Sustainable Development Goals that address solving global challenges such as poverty, inequality, climate change, peace and justice.
Through Project 257 SM, PNC seeks to identify at least one employee activator in each market to raise awareness and support more entrepreneurs who are giving back. Over the next two years, PNC will also cover the costs of 200 new activators, who will help entrepreneurs join this community.
"Activators provide support to entrepreneurs in the Coralus community and also fund the organization's 0 percent interest loan pool, so the more activators we can help identify, the more six-figure loans they can provide to women and non-binary business owners," says Beth Marcello, PNC's director of Women's Business Development.
This commercial bank, Entrepreneur adds, will link businesses with a certified women's business advocate to help them get the resources and mentoring they need to succeed.
To boost lending to low-income minority, women and veteran-owned businesses
PNC has established a $1 billion commitment to help end systemic racism. Another $26.5 billion of PNC's $88 billion Community Benefit Plan will support the bank's work to boost economic opportunity with plans to originate loans for low- to moderate-income, minority-, women- and veteran-owned businesses through 2025.
PNC's Minority Business Development Group, led by Marshalynn Odneal, places an intentional focus on the success of minority-owned businesses.
"Through this work, we hope to become a true partner to minority business owners. Our team will be a part of these communities, fulfilling our mission by ensuring equitable access to products and solutions that will help these businesses thrive," says Odneal.
PNC has also established an internal PNC Certified Minority Business Advocate education program to help employees understand the unique challenges faced by diverse businesses and to provide training, technical support and mentoring practices for these businesses.
This commitment to boosting minority-owned businesses throughout the country also provides an important opportunity for PNC ambassadors to help strengthen community involvement through their concerted advocacy efforts.
Source: Entrepreneur
