Flagstar Bank Commits $1 Million in Grants to Local Communities for Black, Indigenous and People of Color-Owned Businesses

Rhea-AI Summary

Flagstar Bank has announced a commitment of $1 million in grants to support small businesses owned by Black, Indigenous, and people of color impacted by COVID-19. Eligible businesses can apply for $5,000 grants from now until November 20, with a focus on those with revenues under $1 million. The bank aims to combat challenges faced by minority-owned businesses, collaborating with BIPOC nonprofits for grant administration. Notifications for selected businesses will be sent by December 4.

Positive

• Flagstar is committing $1 million in grants to support minority-owned small businesses.
• Grants of $5,000 are available to help businesses cope with COVID-19 impacts.
• Partnership with BIPOC nonprofits enhances outreach and administration of grants.

Negative

• None.

TROY, Mich., Nov. 9, 2020 /PRNewswire/ -- Flagstar Bank is keeping a promise and commitment to diversity, equity and inclusion in the communities it serves by giving $1 million in grants to help small businesses owned by Black, Indigenous and people of color whose operating expenses are impacted by COVID-19. Businesses owned by people of color have been especially hard hit by COVID-19, with nearly half of black-owned businesses shuttered by the pandemic.

Qualifying small businesses can submit applications now through Nov. 20 for grants of $5,000. Flagstar has partnered with BIPOC nonprofits in its key banking markets to vet and administer the grants. Qualifications include diverse ownership, revenues of no more than $1 million, and a location within Flagstar Bank's footprint of Michigan; Fort Wayne and South Bend, Indiana; and the High Desert of San Bernardino County, California. Additional qualifications, grant uses and other information are available in the application.

"We hope to combat the narrative that there is no assistance for minority-owned businesses," said Dwan Dandridge, CEO of Black Leaders Detroit, one of the nonprofit partners. "We were founded to serve the entrepreneurs to do more with less. We are proud to team up with Flagstar to help these businesses survive, thrive and enhance the vitality of our communities."

"We have a commitment to our communities and to keeping our promises to them," said Alessandro DiNello, CEO of Flagstar Bank. "Reversing decades of systemic inequities is a marathon, and we are in it to the finish. These grants are an important milestone along the way to making our communities and our company better and more equitable for all."

All business information submitted with the applications will be confidential. Businesses selected to receive grants will be notified Dec.4, with funds disbursed a few days later.

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 retail locations in 29 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $227.4 billion of loans representing slightly over 1.1 million borrowers.

Source: https://www.forbes.com/sites/pedrodacosta/2020/08/10/the-covid-19-crisis-has-wiped-out-nearly-half-of-black-small-businesses/#bb1ce5e43108

Contact:
Susan E. Bergesen                              
Corporate Communications
(248) 312-6237
Susan.Bergesen@flagstar.com

 

View original content:http://www.prnewswire.com/news-releases/flagstar-bank-commits-1-million-in-grants-to-local-communities-for-black-indigenous-and-people-of-color-owned-businesses-301168938.html

SOURCE Flagstar Bancorp, Inc.

FAQ

What is Flagstar Bank's recent grant initiative about?

Flagstar Bank has launched a $1 million grant program to support small businesses owned by Black, Indigenous, and people of color affected by COVID-19.

How much can small businesses apply for in grants from Flagstar Bank?

Eligible small businesses can apply for grants of $5,000.

What are the eligibility requirements for Flagstar Bank's grants?

Businesses must be owned by diverse individuals, have revenues of no more than $1 million, and be located within Flagstar Bank's designated areas.

When is the application deadline for Flagstar Bank's grants?

The application deadline is November 20.

When will businesses be notified about the grants from Flagstar Bank?

Businesses selected to receive grants will be notified by December 4.