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How Giving Back to the Community Helps People and Businesses PNC Bank is dedicated to helping small businesses that support their local communities through charity, inclusion, and kindness.
Small businesses are the fabric of their communities. Whether that's sponsoring local charities or simply bringing a desirable good or service to their marketplace, small businesses play a huge role in lifting up their communities.
To help support small businesses, PNC Bank strives to create an environment that "raises all boats," because when businesses are given the opportunity to thrive, the people in their communities thrive as well.
And to understand what types of resources a community or business needs, it is crucial to have feet on the ground in these locations. As a bank that strives to leverage the power of its resources to help all move forward financially, PNC has the unique opportunity to drive supporting initiatives, as their employees and leaders are a part of those same communities.
When everyone thrives, the businesses in their community thrive as well.
PNC has partnered with the global non-profit, Coralus (formerly SheEO) through Project 257SM: Accelerating Women's Financial Equality, an effort to help close the economic gender gap identified by the World Economic Forum. Coralus addresses one of the primary reasons for this significant gap – unequal access to credit – by providing 0 percent interest loans to support women- and non-binary-owned small businesses that are making an impact in their communities through solving one or more challenges on the World's To-Do List, a list of the United Nations Sustainable Development Goals, which address fixing global challenges like poverty, inequality, climate change, peace, and justice.
As part of this partnership, PNC has identified at least one PNC Employee Activator in every market to create awareness and, together, support more entrepreneurs who are giving back. Over the next two years, PNC will also cover the costs of 200 new activators, which will help entrepreneurs join this community. "Activators provide support for entrepreneurs in the Coralus community, and also fund the organization's 0 percent interest loan pool, so the more Activators we can help identify, the more six-figure loans they can provide to women and nonbinary business owners," says Beth Marcello, director of Women's Business Development for PNC. Additionally, PNC will pair businesses with a PNC-Certified Women's Business Advocate to help them gain the resources and mentoring they need to be successful.
Supporting minority entrepreneurs and the work they do.
Through efforts to better unite communities, PNC has set in place a $1 billion commitment to help end systemic racism. In addition, another $26.5 billion of PNC's $88 billion Community Benefits Plan will support the bank's work to bolster economic opportunity with plans to originate loans to low- to moderate-income, minority-, women-, and veteran-owned businesses through 2025.
In support of PNC's commitment is the Minority Business Development Group at PNC, led by Marshalynn Odneal, which places an intentional focus on the success of minority-owned businesses. "Through this work, we hope to become a true partner to minority business owners," Odneal says. "Our team will be a part of these communities, fulfilling our mission by ensuring equitable access to products and solutions that will help these businesses thrive."
PNC has also established an internal PNC-Certified Minority Business Advocate educational program to help employees understand the unique challenges facing diverse businesses and to provide coaching, technical support, and mentoring practices for these businesses. This commitment to boosting minority-owned enterprises across the country also provides a significant opportunity for PNC ambassadors to help strengthen community engagement through their concerted advocacy efforts.
Learn more about how PNC is empowering women and minority-owned businesses to thrive and give back to their communities.
Project 257 is a service mark of The PNC Financial Services Group, Inc. PNC and PNC Bank are registered marks of The PNC Financial Services Group, Inc. ("PNC")
