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.