One Year Into the Community Benefits Plan, PNC Sees Strong Homeownership, Small Biz Lending Gains
As a national main street bank, we recognize that our success is directly proportional to the success of those we serve. Launched Jan. 1, 2022, PNC’s Community Benefits Plan pledges to provide $88 billion in loans, investments and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals, communities and people of color.
The one-year report (see documents to view full report) provides an overview of PNC’s first year (Jan. 2022-Jan. 2023) of performance, approach and progress in supporting affordable homeownership, small business, neighborhood revitalization and charitable giving. By leveraging PNC’s national scale, we’re driving patient capital into local communities and building a more inclusive financial system. One year into its four-year Plan, PNC has deployed $35.1* billion to bring this commitment to life.
“In our first year under the plan, PNC delivered more than $35.1 billion*--that’s transformational lending and investing that is expanding access to affordable housing, creating generational wealth, advancing small business and minority entrepreneurs, and supporting community development and revitalization,” said Richard Bynum, chief corporate responsibility officer for PNC. “I’m proud of the very real impact we are making in communities across our footprint.”
Supporting Home Lending and Affordable Homeownership: Building on our efforts to drive meaningful homeownership growth, affordability and wealth creation in the communities where our customers live, work and play, PNC is investing in down-payment and closing cost assistance as well as other home-buying resources to advance home ownership and to reduce the wealth gap in low to moderate income (LMI) and majority-minority census tracts.
Expanded Access to Capital for Entrepreneurs and Small Businesses: Consistent with PNC’s efforts to reduce barriers to banking and increase access to credit, we have deepened our commitment to small business by collaborating enterprise-wide to help deliver financial solutions that position LMI, minority-owned and micro (less than $1 million in annual revenues) businesses for effective growth, development, and sustainability.
Lending and Investing in Impactful Community Development Initiatives: Investments in affordable rental housing, workforce development, and economic revitalization in LMI neighborhoods and communities of color continues to be a priority for PNC as we continue the work to move all forward financially.
Purpose-Driven Philanthropy: PNC’s commitment to building stronger communities goes beyond loans and investments. Through our national main street bank model, PNC employees deliver time, talent and financial resources to local community organizations and nonprofits dedicated to engaging and empowering people and communities in need.
Closing Gaps in Community Wealth With Clear Solutions: Many communities lack access to traditional banking services that often are the catalyst for financial stability and community wealth-building. PNC has continued to make significant strides in delivering responsible retail banking products to help build a more inclusive financial services system.
Apr 27, 2021
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