The PNC Community Benefits Plan, Two Years Later and $56 Billion Worth of Impact

Rhea-AI Summary

PNC shows positive progress in community outcomes through ongoing transformational investments.

NORTHAMPTON, MA / ACCESSWIRE / April 1, 2024 / In the second year of transformational investments, PNC continues to improve outcomes for communities nationwide. To learn more about how we're making a difference in the communities we serve, view the PDF of the full Community Benefit Plan progress report under Documents

Highlights:

• Deploys $21.05 billion in home lending, small business, community financing and an additional $126 million in charitable giving to support communities nationwide in 2023
• Marks notable milestone with completion of $1 billion commitment to challenge systemic racism
• At the halfway mark, PNC's total impact reaches $55 billion

PNC's latest Community Benefits Plan results show another solid year of performance, with more than $21 billion in loans and investments and $128.5 million in charitable giving deployed to support home lending, small business and community revitalization efforts nationwide in 2023.

"Amid economic uncertainty, we've remained focused, doing what's right, not what's easy," said Chief Corporate Responsibility Officer Richard Bynum. "In 2023 we reached significant milestones in the plan - achieving our goal of 10 mobile banking units deployed and fully delivering on our more than $1 billion commitment to challenge systemic racism and advance economic empowerment."

Two full years into the plan, PNC has deployed more than $56 billion in total funding, representing 65% of the $88 billion pledged to advance economic opportunity for low- and moderate-income (LMI) individuals, communities and people of color during the four-year plan period.

2023 Performance Highlights:

Fueling Future Homeownership
Driven in part by strong demand in new markets, home lending performance continued to exceed expectations. In 2023, PNC provided $13.2 billion in residential mortgage and home equity loans impacting more than 12,000 borrowers in majority-minority census tracts. This critical funding complements PNC's efforts to advance homeownership in LMI and majority-minority census tracts through strategic initiatives including a newly launched special purpose credit program pilot as well as $10.3 million in mortgage assistance grants provided to eligible homebuyers.

Driving Capital into Small Business
A lack of credit can be a critical roadblock for many small business owners, particularly those in historically underserved communities. That's one reason we increased investments in small business accelerator and incubator programs across our footprint. In 2023, PNC provided $4.7 billion in loans and investments to support small businesses and farms operating in LMI and minority communities last year, with nearly 26% of total funding directed to support businesses with revenues less than $1 million.

Reinvesting in Communities
Working together, PNC's lines of business directed $3.2 billion in capital and investments to support small-business growth, job creation, vital community services and impactful affordable housing developments in LMI communities across the country in 2023. As part of a focused effort to expand access to credit in unbanked communities, PNC also increased support for community-based lenders, deploying $93 million in impact investing and loan capital to Community Development Financial Institutions (CDFIs) nationwide.

Creating a Better Quality of Life
In 2023, PNC increased charitable support providing $128 million to help catalyze sustainable and inclusive community development. Two full years into the plan, we've awarded a total of $249.8 million in funding--representing nearly 50% of the $500 million in charitable giving pledged over the four-year period.

View additional multimedia and more ESG storytelling from The PNC Financial Services Group on 3blmedia.com.

Contact Info:
Spokesperson: The PNC Financial Services Group
Website: https://www.3blmedia.com/profiles/pnc-financial-services-group
Email: info@3blmedia.com

SOURCE: The PNC Financial Services Group

View the original press release on accesswire.com

FAQ

What progress has PNC made in community outcomes?

PNC has shown positive progress in community outcomes through ongoing transformational investments.

What is PNC focusing on in its second year of transformational investments?

PNC is focusing on improving outcomes for communities nationwide in its second year of transformational investments.

How is PNC impacting communities nationwide?

PNC is impacting communities nationwide by improving outcomes through its transformational investments.