PNC Financial Services Group Inc. (NYSE: PNC) says it will commit more than $5.3 million to address COVID-19 relief efforts in vulnerable communities in Indiana. The bank says the overall commitment includes a $5 million low-rate loan to Anderson-based nonprofit lender Bankable.
PNC says the loan will provide the necessary capital to fund federal Paycheck Protection Program loans processed by Bankable for underserved business owners across the state. The bank says Bankable will use the funds to support Indiana small businesses that lack access to traditional financial institutions.
“We are committed to help ensure that nonprofits and small businesses operating in low- or moderate-income communities in Indiana are not left behind,” said Connie Bond Stuart, PNC regional president of central and southern Indiana. “Now, more than ever, it is critical we come together to assist those most impacted by this pandemic, especially our neighbors in need of food, shelter, childcare and educational resources.”
Additionally, the bank says charitable commitments totaling more than $300,000 in grants from the PNC Foundation to several nonprofit organizations will support essential health and human services and education initiatives throughout the state.
The grants are part of a $30 million commitment announced by PNC in April to fund coronavirus relief efforts. PNC says the charitable donations will help bolster initiatives by regional organizations including the United Way of Central Indiana, Early Learning Indiana, and Greater Indianapolis Progress Committee, among others.
“The demand for our services is unprecedented. The PNC Foundation’s donation will help us continue to be responsive to those most impacted by this crisis,” said Ann Murtlow, chief executive officer of United Way Central Indiana.
PNC says the funding will also help with immediate and long-term solutions for students, caregivers and teachers, many who do not have access to the technology or social-emotional learning strategies to be successful in remote learning environments.