Today major league Soccer announced that it is leveraging a historic $25 million loan from a syndicate of Black banks in an exclusive partnership.
The loan will be facilitated by the nonprofit National Black Bank Foundation (NBBF), and is a part of a larger series of efforts by the league to be more diverse and equitable in the communities it serves.
NBBF organized a syndicate team led by Atlanta-based Citizens Trust Bank and New York-based Carver Federal Savings Bank.
“Major League Soccer’s partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the United States, and it’s the right business decision for us,” said MLS Commissioner Don Garber. “As a league, we continue to increase our initiatives in support of racial justice. In order to make a genuine impact, economic justice must be part of the equation. This transaction with a syndicate of community-focused Black banks is an important measure, and it is our hope this will raise awareness of the importance of Black-owned banks and their impact on the economy.”
Why is this partnership important?
This transaction, coupled with the league’s strong credit rating, will help grow the member banks’ capital through fees and earned interest. This in turn will create additional capital for new lines of credit for home and small business loans in communities of color across the nation.
Partners involved
As part of this partnership, MLS (through MLS WORKS) will collaborate with the NBBF, 100 Black Men of America, inc., National Coalition of 100 Black Women and Black Players for Change to continue to increase the awareness of Black banks and educate their constituents on the opportunities these banks can provide to the Black community through economic empowerment.
