Santander US Unveils New Community Plan

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06/21/2023 - 04:00 PM

The Santander US Community Plan includes investments in small businesses and community development, affordable housing, sustainable finance, and broad support for charitable giving and volunteerism

BOSTON--(BUSINESS WIRE)-- Santander Holdings USA, Inc. (“Santander US”) today announced its latest Community Plan, a three-year commitment of $4.6 billion in community reinvestment and $9 billion in sustainable finance, on behalf of Santander’s businesses across the United States, which will provide broad commitments for community development for affordable housing, small business, and supplier diversity, as well as $100 million in charitable giving and 100,000 employee volunteer hours.

The Santander US Community Plan was developed in partnership with the National Community Reinvestment Coalition (“NCRC”), which led forums with over 30 community-based organizations.

“Our latest community plan builds upon our long track record of investing in our communities, including small businesses, affordable housing and underserved communities. This new plan increases our commitments to affordable housing, while adding sustainable finance and supplier diversity commitments,” Santander US CEO Tim Wennes said. “The Santander US Community Plan is another example of Santander’s ongoing commitment to sustainable solutions and helping communities prosper for generations to come.”

Over the next three years, Santander US is committing:

$1.5 billion in small business lending
$3 billion in community development lending and investments, with more than $2.5 billion in affordable housing
$9 billion in sustainable finance investment, with a focus on renewable energy
100% increase in direct supplier diversity spending
$100 million in charitable giving to nonprofit organizations
100,000 employee volunteer hours in underserved communities

“NCRC and our 750-plus member organizations work with banks across the United States to advance a more just banking model,” said Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition. “When bank leaders and community organizations can sit down together, listen to one another and craft plans that promote a more equitable economic reality on the ground, everybody wins. Our members have been able to work with the company’s leadership to help shape the Santander US Community Plan to maximize Santander’s impact and advance our shared goal of helping communities prosper.”

As part of the plan, Santander US’ National Community Advisory Board (CAB) will advise the company on community development and ensure ongoing input on the Plan’s goals and commitments. CAB members include nonprofit leaders, including community development and policy organizations and financial inclusion advocates, as well as representatives of economic development and housing agencies.

Santander US, through Santander Bank, previously invested $14 billion in community development and investments across the Bank’s retail footprint from 2017-2021, including $12.1 billion in lending and $1.9 billion in investments to underserved communities, as well as $57 million in grants and more than 65,000 volunteer hours. Santander US consistently receives top rankings as a leader in renewable project finance and received “Deal of the Year” awards in 2021 for Vineyard Wind, the largest offshore wind farm in the U.S.

To learn more about Santander US and its commitments to the communities it serves, please visit:
https://www.santanderbank.com/about/our-commitment

About Santander US

Santander Holdings USA, Inc. (SHUSA) is a wholly owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), a global banking group with 161 million customers in the U.S., Europe and Latin America. As the intermediate holding company for Santander’s U.S. businesses, SHUSA is the parent company of financial companies with approximately 13,700 employees, 4.5 million customers, and $168 billion in assets, as of December 2022. These include Santander Bank, N.A., Santander Consumer USA Holdings Inc., Banco Santander International, Santander Securities LLC, Santander US Capital Markets LLC and several other subsidiaries. Santander US is recognized as a top 10 auto lender, a top 10 multifamily lender, and a top 10 commercial real estate lender, and has a growing wealth management business. For more information about Santander US, please visitwww.santanderus.com.