An $88 billion dollar investment supporting economic opportunity for minority and low-income individuals and communities is the commitment made in PNC’s Community Benefits Plan. The Community Benefits Plan reflects PNC's commitment to addressing systemic racism, promoting social justice and advancing diversity and inclusion within PNC and the broader financial system.The Community Benefits Plan commitment includes:
- At least $47 billion in residential mortgage and home equity loans;
- At least $26.5 billion in small business loans;
- At least $14.5 billion in community development loans and investments; and
- An increase in PNC’s charitable giving to at least $500 million, including sponsorships and grants.
Ellen Sandberg, Vice President of Community Development Banking in Colorado and New Mexico (and a Philanthropy Colorado board member and co-chair of our Equity Committee), shares more about how their Community Benefits Plan will impact their Colorado giving portfolio.
“I’m honored to take on a new grant making role at PNC Bank in Colorado focused on affordable housing and small business support. Colorado’s affordable housing and economic development non-profit organizations and Community Development Financial Institutions will be my key partners to help PNC carry out our national $88 Community Benefits Plan that features loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income individuals and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning Jan. 1, 2022.”
Ellen is featured on Philanthropy Colorado’s current Member Spotlight (scroll down to read Spotlight), where she comments on the value of membership.
"Being a member of Philanthropy Colorado is an important way for PNC and me to stay connected with fellow funders and emerging philanthropic issues in the state. I also recommend joining the peer learning networks to explore issues with colleagues, from arts to early childhood and the needs of Colorado's rural communities."