Santander Holdings USA Inc. announced its latest Community Plan, a three-year commitment of $4.6 billion in community reinvestment and $9 billion in sustainable finance.
According to the company, its commitment will be divided along these lines:
- $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
The Santander US Community Plan was developed in partnership with the National Community Reinvestment Coalition.
“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,” said Santander US CEO Tim Wennes. “The Santander US Community Plan is another example of Santander’s ongoing commitment to sustainable solutions and helping communities prosper for generations to come.”
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 Holdings USA is a wholly owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN).
Photo by Mike Mozart / Flickr Creative Commons
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