Business
Banner Bank Creates Opportunity Fund to Support Minority-Owned Small Businesses; Launches with Initial $1.5 Million Investment
WALLA WALLA, Wash.--(BUSINESS WIRE)-- On behalf of Banner Bank, President and Chief Executive Officer Mark J. Grescovich today announced the creation of the
About this update from Banner Corporation
[{"type":"text","content":" WALLA WALLA, Wash.--(BUSINESS WIRE)--\nOn behalf of Banner Bank, President and Chief Executive Officer Mark J. Grescovich today announced the creation of the Banner Bank Small Business Opportunity Fund to help address social and racial injustice by augmenting the economic viability of COVID-19-affected minority-owned small businesses. Launched with an initial $1.5 million investment, the Fund will assist underserved small businesses with gross annual revenues of $1 million or less that are owned by black, indigenous and people of color (BIPOC) as well as businesses located in economically disadvantaged rural and urban communities.\n\n“Establishing the Banner Bank Small Business Opportunity Fund is an important step in expanding our efforts to find new, meaningful ways to help eliminate racial and social inequities,” Grescovich said. “Small businesses are the backbone of the local, regional and national economy and ensuring they have access to financing and financial assistance has been a priority throughout our 130-year history—this Fund is one more way we can bring about positive change while helping businesses thrive.”\n\nBecause it’s vital to get funding to businesses as soon as possible, Banner is partnering with three well-known and highly-respected Community Development Financial Institutions, or CDFIs, that are already mobilized and actively assisting small businesses in our footprint. CDFIs provide specialized credit and financial assistance to underserved markets and populations. With $500,000 investments to each of these three CDFIs, they in turn will identify and administer financial assistance in the form of low-cost loans, grants and credit enhancements, generally up to $10,000 to each qualifying business:\n\n\nRural Community Assistance Corporation (RCAC) specializes in assisting rural communities in every state Banner serves. Banner contributed to RCAC’s Re-Emerging Loan Fund (RELieF) to assist qualifying businesses as they re-emerge into their marketplaces post COVID-19. Each borrower will be assigned a coach to work with them to analyze their current financial position and work through scenarios for the highest and best structure for RELieF funding, tailored to the business’ specific situation. Learn more at www.rcac.org.\n\n\n\nCraft3 is a non-bank community lender that provides commercial loans to established...