SVB Financial Announces Five-year $11.2 Bln Community Benefits Plan

(RTTNews) - SVB Financial Group (SIVB) announced a proposed five-year, $11.2 billion community benefits plan that builds on its long-standing commitment toward helping small businesses, financing affordable housing, reinvesting in low- and moderate-income communities and supporting the greater good through philanthropy and volunteering.

Over a five-year period from January 2022 through December 2026, SVB's $11.2 billion commitment will focus on providing financial support to low- and moderate-income communities in California and Massachusetts.

In addition, SVB plans to adopt and implement a corporate supplier diversity program with a goal, by 2026, of contracting at least eight percent of its corporate supplier spending annually to locally-based businesses owned or led by members of historically underserved communities, such as people of color and women.

As part of the proposed community benefits plan, SVB will also create a community advisory council and will meet with representatives from the California Reinvestment Coalition, The Greenlining Institute, MAHA and MACDC to review and discuss progress toward the plan's goals.