Regions Foundation Announces Additional Grants for CDFIs and Community Organizations Supporting Small Businesses
May 11 2020 - 9:00AM
Business Wire
Funding is part of Regions’ comprehensive work to help people,
communities, and businesses impacted by COVID-19.
The Regions Foundation on Monday announced grant funding for 10
additional organizations that are helping small businesses impacted
by the novel coronavirus. The Regions Foundation is an
Alabama-based nonprofit initiative of Regions Bank that supports
community investments.
“Every day, nonprofits and community organizations are
connecting with small-business owners and providing customized
guidance, along with financial assistance and support, to help them
address the financial impacts of COVID-19,” said Marta Self,
Executive Director of the Regions Foundation. “These grants will
help this important work continue. Successful small businesses are
crucial to the success of our communities, and we will continue to
build on our support for small-business recovery.”
Organizations receiving grants from the Regions Foundation
include several Community Development Financial Institutions
(CDFIs) that are providing financial services to businesses in
underserved areas. Additionally, various nonprofit community
organizations are receiving funding in support of their work with
entrepreneurs.
Combined, the 10 grants announced Monday total $260,000, which
is part of a collective $5 million committed by the Regions
Foundation and Regions Bank in support of consumer and
small-business recovery. From the $260,000 in grants announced
Monday, investments of varying amounts will be provided to the
following organizations:
- BCL of Texas: Business and Community Lenders (BCL) of
Texas is a nonprofit economic development organization that
provides lending, entrepreneurship, and community development
programs. BCL maintains an online resource center for small
businesses throughout Texas that are impacted by COVID-19. Further,
BCL is offering loan deferments to its clients while providing
information on programs available to help businesses address
crucial gaps. BCL maintains offices in Austin and Dallas and has
clients across the state.
- Neighborhood Concepts, Inc. – North Alabama Revolving Loan
Fund: Serving small businesses in 11 counties, the North
Alabama Revolving Loan Fund connects clients with capital to create
or retain jobs. This is coupled with coaching and guidance to help
businesses emerge strong and successful. As a CDFI, the loan fund
is currently offering an emergency revolving line of credit for
small businesses impacted by COVID-19, with the goal of helping
companies overcome financial shortfalls. The North Alabama
Revolving Loan Fund is a subsidiary of the nonprofit Neighborhood
Concepts, Inc.
- Justine PETERSEN/Great Rivers Community Capital: Based
in St. Louis, Justine PETERSEN works with clients historically
faced with obstacles to build and maintain financial assets. In
2002, Justine PETERSEN launched Great Rivers Community Capital, a
CDFI that provides essential financial services to entrepreneurs,
as well as consumers and homeowners. Small-business services
through Justine PETERSEN range from micro-loans to one-on-one
counseling, credit building, and assistance with strengthening
business plans.
- River City Capital: Serving Memphis and Shelby County,
Tennessee, River City Capital Investment Corp. is a certified CDFI
whose mission is to increase economic development in underserved
neighborhoods by attracting and leveraging investment capital for
community revitalization. River City Capital, an affiliate of
Community LIFT, maintains an online COVID-19 resource page with
information and options to help entrepreneurs. Personnel are in
close contact with clients, working to help them adapt their
business operations while addressing financial challenges caused by
the virus.
- Tennessee Small Business Development Center – Memphis
Office: Serving companies in Shelby and Fayette Counties, the
Memphis office of the Tennessee Small Business Development Center
at Southwest Tennessee Community College delivers consultation,
education, referral, and support services for businesses,
particularly in underserved areas. The organization has seen
tremendous demand from firms seeking assistance in applying for
economic injury disaster loans and the Paycheck Protection Program
due to COVID-19. Business counseling remains underway via phone,
email, and video options.
- Texas Association of African American Chambers of Commerce
(TAAACC): Austin-based TAAACC is a nonprofit organization
focused on ensuring that African American business owners receive a
fair share of the economic prosperity of Texas. Its leadership
works to provide positive advocacy for Black-owned businesses while
sharing useful information to benefit member companies and the
communities they serve. TAAACC is working to position business
owners for supportive resources amid the pandemic, with the goal of
preserving the success of local businesses, their employees, and
communities.
- LISC Jacksonville: Local Initiatives Support Corporation
(LISC) Jacksonville works to transform neighborhoods in Duval
County, Florida, into healthy and sustainable communities of
choice, where businesses and families can succeed. LISC’s response
includes accelerating the expansion of its Financial Opportunity
Center network focused on job training, employment, wrap-around
services (as needed), and family financial stability, as well as
providing micro-grants to help Jacksonville businesses bridge
economic gaps created by this period of uncertainty.
- CompuRecycling Center: The nonprofit CompuRecycling
Center serves as a source of technical assistance for minority,
women-owned, and emerging businesses throughout the Mississippi
Delta. The center is available for day-to-day assistance and
counseling for clients whose operations have been affected by the
coronavirus. Additionally, the center is working to connect
businesses with information and options for contracting with local,
state, and federal agencies, where possible, during the
crisis.
- TruFund Financial Services: TruFund Financial Services,
Inc. is a 501(c)(3) certified CDFI headquartered in New York with
field offices in Alabama, Louisiana, and Texas. TruFund serves
disadvantaged business owners, specifically Minority and
Women-Owned Business Enterprises (MWBEs), in low-income and
distressed communities by offering accessible and affordable
capital, paired with robust capacity-building training. As an
impact-driven lender, TruFund directs its resources to supporting
disadvantaged small businesses and industries that, with the
infusion of capital, can drive strong economic impact within their
neighborhoods and communities.
- Studer Community Institute: The Studer Community
Institute (SCI) is a nonprofit, research-based, data-driven entity
focused on improving the quality of life in Pensacola and Northwest
Florida. SCI works to help children be better prepared for
kindergarten; to raise the community’s civic IQ on important and
relevant issues to bring about citizen-powered change; to foster a
community of vigorous entrepreneurship; and to provide strategic
leadership and employee skills training for small- and medium-sized
businesses to help companies grow, thrive, and create jobs. During
the pandemic, SCI is maintaining its services for area companies,
delivering training, tools, and insights to help them successfully
work through the effects of the coronavirus on their
operations.
Grants for these organizations are in addition to 11 grants
announced on April 30 for community organizations helping
businesses across the South and Midwest. The Regions Foundation
also announced funding for six additional CDFIs on April 24.
Further, the Foundation is providing funding for Birmingham Strong,
which is helping companies in Regions’ headquarters city. The
Foundation also set aside up to $500,000 to match donations by
Regions Bank associates to United Way organizations and
pre-approved community foundations responding to COVID-19
needs.
Separately, Regions Bank is providing support for several
nonprofits meeting community needs. This includes the bank’s recent
donation of a series of advertisements to food banks that are
seeing heightened demand during the pandemic. Through that
donation, ads originally purchased by Regions to promote bank
services were instead given to food banks to encourage viewers and
readers to financially support their outreach.
Regions Bank continues to offer a series of options for
customers suffering financial impacts from COVID-19. Additional
information on Regions Bank resources can be found at
www.regions.com/coronavirus. Also, updated financial insights and
tools for consumers are available as part of Regions’ Next Step®
program at this link.
About Regions Foundation
Regions Foundation supports community investments that
positively impact the communities served by Regions Bank. The
Foundation engages in a grantmaking program focused on priorities
including economic and community development; education and
workforce readiness; and financial wellness. The Foundation is a
nonprofit 501(c)(3) corporation funded primarily through
contributions from Regions Bank.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $133 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,400
banking offices and 2,000 ATMs. Regions Bank is an Equal Housing
Lender and Member FDIC. Additional information about Regions and
its full line of products and services can be found at
www.regions.com.
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