Expand banking and access to credit in communities of color

What Citi will do:

• Provide Minority Depository Institutions (MDIs) with up to $50 million in growth capital to strengthen their ability to serve racially diverse households and entrepreneurs.
• Generate revenue for MDIs by inviting them into up to $50 million in loan participation opportunities between the Citi Community Capital division in the Institutional Clients Group and its clients to finance affordable multi-family rental housing.
• Provide pro-bono technical assistance and training to MDIs – through a collaboration with Deloitte and others – to help MDIs navigate the changing economy, improve operational efficiencies and support talent development.
• Partner with community organizations serving racially diverse households through Citi’s U.S. Consumer Bank to expand access to the Citi® Access Account Package, which includes low-cost checking and savings products and new digital financial education.
• Alleviate one of the biggest barriers to banking by expanding the Citi ATM Community Network program that removes out-ofnetwork fees at Citibank ATMs for customers of participating minority-owned banks and community development credit unions. Since 2016, Citi’s U.S. Consumer Bank has removed these fees for 440,000 customers of 28 institutions.
• Put 1 million youth on the path to higher education by expanding the Citi Start Saving® platform – which initially was developed to power the City and County of San Francisco’s children’s savings program.

What Citi has done so far:

• Collaborating with Minority Depository Institutions (MDI)
  • Made plans to launch the Diverse Financial Institutions Unit, a dedicated team within Citi that will serve as a hub to lead and expand engagement with MDIs, driving investment and revenue generating opportunities.
  • Invested $39 million out of $50 million in growth capital to 10 MDIs across the U.S. to strengthen their ability to serve racially diverse households and entrepreneurs.
  • Closed nearly $20 million out of $50 million in affordable housing loan participation opportunities for MDIs to generate revenue and build their capacity to invest in larger transactions.
  • Launched the Citi MDI Rotational Program, a first-of-its-kind initiative, which embeds Citi executives within MDIs for up to a year to share expertise and help grow the MDI’s business.
  • Announced Bridge Built by Citi^SM, a new online lending platform for small- and medium-sized businesses that will help drive lending opportunities for MDIs, as well as other local banks.
  • Piloted an effort that will bring MDIs to participate as investors in Citi’s Supply Chain Finance offering.
  • Launched a technical assistance program in collaboration with Deloitte and the National Bankers Association to support MDIs' talent development, enhance technology, and expand business networks. This effort includes a Board Ready program to help connect executives from seven MDIs with corporate board seats.
• Expanding access to Citi products and platforms in collaboration with community and municipal partners
  • Launched a collaboration with the National Urban League to serve Black households by expanding access to the Citi^® Access Account Package that includes low-cost savings and checking products.
  • Launched a collaboration with Local Initiatives Support Corporation (LISC) to serve households of color by expanding access to the Citi® Access Account Package that includes low-cost savings and checking products.
  • Signed a contract with the City of Los Angeles to provide services in support of its school-based children’s savings program called Opportunity LA, which will maintain no-cost college savings accounts for the benefit of students in LA’s Unified School district.
  • Collaborated with the City of San Jose and San Jose Public Library Foundation which is maintaining no-cost college savings accounts for the benefit of students at select Title 1 public schools using the Citi Start Saving® platform as part of San Jose Aspires.

Learn more about how Citi is strengthening the economic trajectory of minority-owned banks and the communities they serve.