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Ameriprise Donates Additional $300K: Coronavirus Aid Roundup

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Ameriprise headquarters in Minneapolis. (Photo: Bloomberg)

Ameriprise is donating an addition $300,000 to help communities, with $150,00 earmarked for COVID-19 relief and the other $150,000 targeted to support Minneapolis groups in the wake of George Floyd’s death there, it said.

The COVID-19 relief donations will be going to nonprofits in areas where the firm has a large employee presence, including the Minnesota Disaster Recovery Fund, the Robin Hood organization in New York, the Boston Resiliency Fund, the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund in India and City Harvest London.

Ameriprise, based in Minneapolis, made its first wave of $125,000 hunger-relief grants at the start of the pandemic, while also accelerating its corporate donation schedule, making more than $2.5 million available immediately to nonprofits it supports.

Noting it has a “long history of supporting low income and diverse communities and is committed to being part of the solution in Minneapolis and across the country,” Ameriprise said the $150,000 it is donating there will be split equally between the Northside Achievement Zone, the Minneapolis Foundation Fund for Safe Communities and the Twin Cities Rebuild for the Future Fund via The Minneapolis Foundation.

Meanwhile, Ameriprise said it was adapting its longstanding volunteer program so its employees and advisors could “give back to communities that face immediate need while adhering to local health and safety guidelines.”

As the firm approaches its annual National Day of Service, Ameriprise is decentralizing the event and encouraging employees and advisors to show kindness to their friends, neighbors and community members by participating in activities such as cleaning up streets, delivering groceries and thanking health care workers, it said.

Ameriprise financial advisors are also hosting virtual food drives across the U.S. throughout June in partnership with Feeding America and other local food banks in their communities, Ameriprise said.

Capital Bank Secures $234M in PPP Loans

Maryland-based Capital Bank N.A. secured $234 million in federal Paycheck Protection Program loans for 1,156 applicants, all but a few of which the firm said are in the Washington, D.C., metro area.

With an average loan size of $203,000, businesses received loans for as little as $2,000 and as high as $4.5 million, it noted.

The firm is now “turning its attention to helping its customers qualify for PPP loan forgiveness,” it said. The bank is using an online portal to simplify the forgiveness process for its customers, and is also “ready to adapt to any changes that may arise as a result” of the recently signed PPP Flexibility Act, it said.

Bank of America Makes $1B 4-Year Commitment

Bank of America is making a $1 billion, four-year commitment of additional support to help local communities address economic and racial inequality accelerated by the pandemic, it said.

The programs will focus on helping people and communities of color that have experienced a greater impact from the health crisis, it noted.

The initiative “builds on economic mobility and workforce development programs Bank of America already supports in local markets, but will sharpen the focus of that work, accelerate the resources, and add a particular emphasis on health services during the pandemic,” it said. The announcement is “aligned with the company’s commitment to responsible growth for clients, shareholders, employees and communities,” it noted.

Areas of focus will be: health, job training; support to small businesses; and housing, Bank of America said. The programs will be executed via the company’s 91 local U.S. market presidents and non-U.S. country executives to help develop the opportunities to execute on these commitments in areas that include:

  1. Virus testing, telemedicine, flu vaccination clinics and other health services, with a special focus on communities of color.
  2. Partnerships with historically black colleges and universities and Hispanic-serving institutions in the United States for hiring, research programs and other areas of mutual opportunity.
  3. Support to minority-owned small businesses, including clients and vendors.
  4. Career reskilling and upskilling through partnerships with high schools and community colleges.
  5. Operating support and investment for affordable housing and neighborhood revitalization, leveraging almost $5 billion in community development banking.
  6. Further recruitment and retention of teammates in low- to moderate-income and disadvantaged communities to build on work the company has already done to serve clients locally.

This latest initiative builds on steps the company said it has already taken, including an additional $100 million to support its nonprofit partners across its communities, and $250 million to assist with lending to the smallest and minority-owned businesses through its support to community development financial and minority depository institutions.

Pacific Valley Bank Provided Over $80M in PPP Loans

Pacific Valley Bank “fully participated in” the SBA’s PPP program, providing more than $80 million in funding to 465 small businesses, Anker Fanoe, the bank’s CEO and president, disclosed while announcing the firm’s first-quarter results.

“We see this as an essential step toward facilitating the recovery of businesses in our community,” he said.

The Salinas, California-based firm added detailed COVID-19 relief information to its website, including PPP application information.

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