NFL Borrows $78 Million from Minority-owned Banks

The NFL consulted with Bank of America and the National Black Bank Foundation to help identify the 16 minority-owned banks to borrow from.

After consulting with Bank of America and the National Black Bank Foundation, the NFL announced it has borrowed $78 million in loans from 16 Minority Depository Institutions (MDI), Community Development Financial Institutions (CDFI), and minority- and women-focused banks.

It’s an effort by the league to increase the diversity of its banking partners and to support and bring visibility to different types of businesses and entrepreneurs across the country. The goal was to identify institutions that provide essential support to individuals, businesses, and communities. CNBC reports that the terms of the loans are at “market rates” and will fully draw on the loans over the next three years.

“The NFL is thoroughly committed to improving diversity across all aspects of the league, and that includes doing business with diverse suppliers and partners,” said Joe Siclaire, the NFL’s executive vice president of finance and league policy. “We are excited that this program will help enhance the reach of these institutions while investing in the local communities that they serve.”

Here’s the full list of the banks, institutions, and lenders the NFL is working with as part of this initiative:

Adelphi Bank – Columbus, OH (MDI, Black or African American owned)
Agility Bank, N.A. – Houston, TX (MDI, Women-owned and led)
Asian Bank – Philadelphia, PA (MDI and CDFI, Asian or Pacific Islander American owned)
Central Bank of Kansas City – Kansas City, MO (CDFI)
Citizens Savings Bank and Trust Company – Nashville, TN (MDI and CDFI, Black or African American owned)
Citizens Trust Bank – Atlanta, GA (MDI and CDFI, Black or African American owned)
City First Bank, National Association – Washington D.C. (MDI and CDFI, Board is majority African American)
First Independence Bank – Detroit, MI (MDI and CDFI, Black or African American owned)
FWBank, an Illinois Banking Institution – Chicago, IL (Women-owned, women-led and women-focused)
Industrial Bank – Washington D.C. (MDI and CDFI, Black or African American owned)
Mechanics and Farmers Bank – Durham, NC (MDI and CDFI, Black or African American owned)
Optus Bank – Columbia, SC (MDI and CDFI, Black or African American owned)
Ponce Bank – The Bronx, NY (MDI and CDFI, Board majority is Hispanic American)
Southern Bancorp Bank – Arkadelphia, AR (CDFI)
Texas National Bank – Mercedes, TX (MDI and CDFI, Hispanic American owned)
Unity National Bank of Houston – Houston, TX (MDI, Black or African American owned)

“Minority-focused banks, and especially Black-owned or operated banks, are trusted community partners that are more important now than ever given the challenges we are seeing across the country in banking,” National Black Bank Foundation co-founder Ashley Bell said. “The NFL’s decision to look for solutions beyond Wall Street and to the centers of hope along Main Street and MLK Jr. Drives will move the needle as others follow their lead.”

Perhaps this will pave the way for more minority ownership in the NFL as the league looks to improve diversity in its coaching, executive, and ownership ranks, as well as in the vendor and business worlds. While the league still has a long way to go in these efforts, supporting these minority institutions in such a public way may inspire other major corporations to follow suit.