Northern Trust Provides $100 million in Small Business Support

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[{"type":"text","content":"\nInvestment to back CDFIs deploying Paycheck Protection loans\n\n CHICAGO--(BUSINESS WIRE)--\nNorthern Trust Corporation (Nasdaq: NTRS) announced today it is providing $100 million in low-cost funding to assist Community Development Financial Institutions (CDFIs) as they provide loans to small businesses and non-profit organizations under the federal Paycheck Protection Program (PPP).\n\n\n“This funding in response to the COVID-19 pandemic will help meet urgent demand among small businesses and non-profit groups,” Chairman and Chief Executive Officer Michael O’Grady said. “Since 1995, we have provided capital to CDFIs with flexible terms and low rates to facilitate lending in underserved communities.”\n\n\nUnder the CARES Act, the PPP facilitates bank loans to small businesses guaranteed by the Small Business Administration to help cover payroll and other expenses during the COVID-19 pandemic. CDFIs provide loans, investments, financial services and technical assistance to underserved populations and communities.\n\n\n“These investments facilitate the rapid deployment of PPP loans to small businesses and non-profit organizations by providing low cost capital to bridge the timing between the making of loans and reimbursement by the Small Business Administration,” said Connie Lindsey, Head of Corporate Social Responsibility and Global Diversity, Equity & Inclusion. “In turn, the funds will assist the small businesses that form an integral part of our communities.”\n\n\nNorthern Trust’s partners in these investments include:\n\n\n\nSelf-Help Fund ($50 million) -- a national CDFI with community development credit union branches in Illinois, California, Florida, North Carolina and South Carolina. Self-Help has assisted more than 1,100 PPP borrowers with a median loan size of $35,000. Illinois legacy Second Federal and Seaway branches are part of the Self-Help network of credit unions.\n\n\nNational Development Council (NDC) CDFI Subsidiary Grow America Fund (GAF) ($25 million) -- a national SBA lender.\n\n\nimmito ($10 million) -- the SBA subsidiary of Local Initiatives Support Corporation, a national social enterprise.\n\n\n\nOther recipients include:\n\n\n\nAccess to Capital for Entrepreneurs: provides SBA lending in Atlanta and Northern Georgia.\n\n\nBlack Business Investment Fund: provides SBA lending in the state of Florida.\n\...

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