NEW YORK–(BUSINESS WIRE)–HSBC Bank USA, N.A. (“HSBC USA”), part of HSBC Group, has provided $800,000 in grants to selected Community Development Financial Institutions (CDFIs) and nonprofits. The grants will be distributed amongst organizations supporting minority, women and immigrant-owned small businesses – less than $100k in revenue – and will promote economic revitalization and community development in New York, California, Florida and Washington state.
“We have witnessed unimaginable change this year, from the trials of a global pandemic to the need for social justice reform across our country,” said Kelly Fisher, Head of Corporate Sustainability, HSBC Bank USA. “Despite the uncertainty this creates, we strive to identify ways to reinvest in our local communities and provide small businesses with opportunities for success. Working with CDFIs and nonprofits allows us to strengthen women, immigrant and minority-owned small businesses and help mitigate some of the financial burden brought on by current economic conditions.”
Ten organizations will receive grants ranging from $50,000 to $150,000 with the aim of furthering the organization’s mission to expand economic opportunity for underserved people and communities.
The CDFIs and nonprofits include:
- Grameen America, New York City
- Opportunity Fund, San Francisco / Silicon Valley
- Working Solutions, San Francisco
- Pacific Asian Consortium in Employment, Los Angeles
- Ventures, Seattle (nonprofit)
- Business Outreach Center Network, New York City
- Business Center for New Americans, New York City
- Accion East, New York City
- Black Business Community Development Corporation, Orlando
- Local Initiatives Support Corporation, Los Angeles
“Financing CDFIs is at the center of HSBC’s community development lending platform because it allows us to reach deeper into neighborhoods,” said Morris Churchill, Head of Community Development. “As the lending experts in their markets, CDFIs provide a valuable service to HSBC by facilitating the flow of our capital into places and projects that truly address local needs.”
While HSBC has long supported CDFIs and nonprofits, the recent events brought on by the COVID-19 pandemic have reemphasized the importance of reinvesting in the communities the bank serves. This grant comes as part of the bank’s pledge of over $4 million in COVID-19 aid. Each organization receiving grant money has been provided access to HSBC’s financial wellness programs including Your Money Counts and EverFi, as well as support from HSBC’s technical assistance teams for the clients served.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of FDIC. Investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organizations.