M&T Bank Outlines $43 Billion Community Growth Plan To Support Underserved, Communities of Color and Small Businesses
M&T's plan includes
"At its core, M&T is a bank with a deep commitment to serve our communities and make a difference in people's lives," said
The plan expands M&T's ongoing commitment to supporting people, businesses and communities where it operates. Dating back to 1982, M&T has earned the
Since March, members of M&T's leadership team have met with the NCRC and its member organizations in the bank's current and growth markets to identify pressing needs and consider how M&T can help increase the flow of capital to historically underserved communities. M&T will continue to work with the NCRC and its members, other community groups and public officials to address these existing and emerging needs in the future.
M&T's plan addresses key areas of need identified during its meetings with community leaders, including:
- Community development lending and investing: Building on its leadership in community-focused lending and investing, M&T intends to invest
$11.95 billionin community development activities, including the Low-Income Housing Tax Credit, New Market Tax Credit and Small Business Investment Companyprograms as well as provide greater access to capital for underserved communities through impact equity investments.
- Homeownership and affordable housing: Recognizing the importance of home ownership to individuals and communities, M&T plans to provide
$8.8 billionin home purchase lending for LMI households and communities, minority households and majority-minority communities and will expand its mortgage product offerings. M&T also plans to invest $7 billionin the development of multi-family, affordable and workforce housing across its expanded footprint.
- Small-business lending and counseling: M&T will increase its lending to small businesses, providing
$10.5 billiontargeting programs and products that benefit businesses in LMI and minority communities. M&T will also develop and implement programs that increase access to education, resources and capital for minority- and women-owned small businesses and start-up entrepreneurs.
- Financial support and services: To help ensure all customers and communities have access to the financial support and services they need, M&T has launched a new financial education initiative, will expand the availability of both its Bank On certified checking account and secured credit card and will invest in its growing multicultural banking program to develop products and services accessible to underserved individuals and those with limited English proficiency.
- Multicultural banking: M&T anticipates designating as many as 115 branches throughout its expanded footprint as multicultural banking centers, in which bilingual branch staff can support the banking needs of the bank's non-English-speaking customers and offer guidance in their preferred language. The bank recently launched a Spanish-language version of its website, added Chinese and Korean to the languages available on its ATMs, developed financial education materials in Spanish and plans to offer customers the ability to schedule online appointments in six different languages.
- Access to services: The bank will also identify ways to enhance customers' access to its services in rural and urban areas where there is a limited presence of financial institutions. Approaches may vary by community, but could include mobile distribution, financial education seminars, partnerships with local community organizations or placing ATMs in those communities.
Other initiatives include providing a framework for increasing business opportunities for diverse suppliers, community development focused philanthropy, investments supporting renewable energy and other programs totaling approximately
Said M&T's Jones: "Development of our community growth plan has benefited from our collaboration with Jesse and his team at NCRC. Jesse's leadership has helped to galvanize a plan that we believe will benefit communities we serve throughout our footprint as well as in communities we hope to serve."
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