Santander Announces Community Reinvestment Program
NEC member Santander recently announced an $11 billion community reinvestment program.
The Boston-based division of the bank announced a five-year “Inclusive Communities” plan and the creation of an advisory board comprised of members of nonprofit and advocacy communities. “Inclusive Communities” represents a 50% annual increase in community reinvestment since 2015, when the bank invested $1.4 billion. For the next five years, Santander plans to invest $2.2 billion distributed primarily in loans to underserved communities, individuals, and small businesses. The bank also tripled its charitable contributions from the last five years by allocating $55 million to charities.
“We want to make sure our efforts are having a real impact in neighborhoods, and not just giving lip service to our CRA commitment,” said Gwen Robinson, the bank’s director of corporate social responsibility.
The New England Council commends Santander’s investment in New England’s communities. Read more in the Boston Globe.