As a push for community banking, the league consulted with Bank of America and the National Black Bank Foundation (NBBF) on the loan.
“These banks play a vital role in our overall economy and many of them are in markets that our teams play, so there is good synergy there,” Joe Siclare, the NFL’s executive vice president of finance and league policy, told the outlet.
He continued, “These community banks sometimes have difficulty navigating down economic times. When large corporations like the National Football League can partner and provide reliable revenue streams, it helps those banks continue to do the great work they do in their communities.”
While the NFL is embarking on this new initiative, it’s reported that the full terms of the loan are not being released. The league also shared that it’s set to “fully draw on the loan over the next three years.”
NBBF Co-Founder Ashley Bell has high hopes for the loan and its impact on Black- and minority-owned banks and believes it’s a big win for community banking.
In the midst of the impact from a looming recession, Bell hopes that the loan will be a part of proving that Black and minority-owned banks can successfully work alongside large corporations long-term.
“These banks loan money to people and businesses that need it without being predatory. This gives them breathing room,” Bell said. “These banks are centers of hope around the country. Whether they are Martin Luther King, Jr Drive or Main Street. These are the places people go to get opportunity and by supporting these institutions, the NFL is supporting these communities.”