NFL Secures $78M In Loans From Black- and Minority-Owned Banks To Boost Support And Business Opportunities

The National Football League (NFL) is supporting Black- and minority-owned banks by borrowing $78 million from a number of them.

The NFL recently announced it borrowed from 16 Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs) and minority- and women-focused banks. This initiative is being done to support and expand business opportunities with diverse businesses across the country. This was done in conjunction with Bank of America, which helped identify which banks would provide vital investments to diverse individuals, businesses, and communities.

“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 Siclare, Executive Vice President of Finance and League Policy at the NFL in a written statement. “We are excited that this program will help enhance the reach of these institutions while investing in the local communities that they serve.”

The NFL connected with Bank of America to help structure a three-year term loan, but is also giving these institutions access to the league in hopes that a relationship can be formed for future business.

CNBC reported that this type of deal was done before with an NBA team and Major League Soccer. Those were facilitated by National Black Bank Foundation. A syndicate of Black-owned banks lent $35 million to the Atlanta Hawks for a practice facility in 2020. Then, last year, a $25 million loan was taken out by Major League Soccer.

The NFL and Bank of America contacted the National Black Bank Foundation to complete this initiative. The following banks were included in the initiative.

Adelphi Bank – Columbus, OH
Agility Bank, N.A. – Houston, TX
Asian Bank – Philadelphia, PA
Central Bank of Kansas City – Kansas City, MO
Citizens Savings Bank and Trust Company – Nashville, TN
Citizens Trust Bank – Atlanta, GA
City First Bank, National Association – Washington D.C.
First Independence Bank – Detroit, MI
First Women’s Bank (FWBank) – Chicago, IL
Industrial Bank – Washington D.C.
Mechanics and Farmers Bank – Durham, NC
Optus Bank – Columbia, SC
Ponce Bank – The Bronx, NY
Southern Bancorp Bank – Arkadelphia, AR
Texas National Bank – Mercedes, TX
Unity National Bank of Houston – Houston, TX