Bank / Credit Union
Major League Soccer partners with Black Bank Foundation to support Black banks
March 17, 2022
Major League Soccer recently received a $25 million loan from a group of Black-owned banks through a partnership with the nonprofit National Black Bank Foundation. This is part of an effort to support Black banks, according to a press release.
"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," Don Garber, commissioner, MLS, said in the release.. "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."
With this loan and the league's good credit rating, the bank will be able to grow its capital cushion through fees and interest.
"Major League Soccer has raised the bar for corporate America with this transformative partnership," Ashley Bell, co-founder and general counsel, NBBF said in the release. "If other leagues and major corporations follow the MLS model, lives of Black families all across this country will change for the better because their local Black bank will have the capital resources to approve historic numbers of home and small business loans."
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