Huntington Bank announced Tuesday it would pledge $20 billion over the next five years to improve economic opportunities — particularly in low-income communities and for people of color — across its seven-state footprint in the Midwest.
About $7.6 billion of the total will be invested in small businesses — especially those owned by minorities, women and veterans — to include business planning and educational programs meant to give business owners relief, recovery and growth.
Another $7.5 billion will help the Columbus, Ohio-based bank expand lending programs and educational services to boost homeownership by nonwhite and low- to moderate-income borrowers.
A further $4.9 billion will be earmarked for communities' affordable housing, food security, workforce development and social equity efforts.
"While we're proud of the progress we've made, our work as a company is not done," Steve Steinour, Huntington's chairman, president and CEO, said, according to American Banker. "We believe these areas are fundamental to helping people not only find basic economic security but also prosper. We know by making our communities stronger, we create additional opportunities for those that live and work here, including us."
Huntington joins a litany of banks and other companies, including Bank of America, U.S. Bank, PNC, PayPal and Netflix, that have pledged billions of dollars toward racial and income equality in the wake of civil unrest accelerated by the May death of George Floyd by police.