New York – Citi today announced that Citi and the Citi Foundation have committed more than $100 million to date in support of COVID-19-related community relief and economic recovery efforts globally. This includes more than $35 million in new funding, adding to the previously announced $65 million in grants and charitable contributions to deliver ongoing relief and support for longer-term economic recovery in communities impacted by the global pandemic. These contributions include $2 million from Citi employees through a donation matching program.
Recognizing the disproportionate impact that COVID-19 has had on communities of color in the U.S., Citi and the Citi Foundation are expanding support for Community Development Financial Institutions (CDFIs), which play a vital role in expanding access to safe and affordable products and services for these businesses and communities.
Michael Corbat, Citi CEO, said, "COVID-19 has brought to the forefront the racial, economic and social inequalities that exist in our communities. Partnering with community-based financial institutions to support those businesses and populations most impacted helps address the disparities that persist and support our communities in need."
"During a time of great uncertainty and economic hardship, my colleagues once again showed their generosity and compassion by contributing more than $2 million of their own money to support COVID-19 relief efforts, which Citi matched with an additional $2 million in donations. I couldn't be more proud or grateful to work with people who put such a high value on supporting their communities and those in need," Mr. Corbat concluded.
Furthering plans announced in April to donate net profits from Citi's participation in the U.S. Small Business Administration's Paycheck Protection Program (PPP), $25 million in initial proceeds from PPP has been donated to the Citi Foundation. The Citi Foundation is deploying $15 million in unrestricted funding of up to $500,000 per CDFI to support small businesses owned by people of color and low- and moderate-income individuals and communities. The remaining $10 million in PPP net profits was deployed by the Citi Foundation to the Local Initiatives Support Corporation (LISC) to support the New York Forward Loan Fund, which is enabling CDFIs making loans to small businesses, nonprofits and small landlords for working capital, including payroll, operating and emergency maintenance.
These philanthropic efforts complement Citi's partnership with the National Banking Association, and the creation of a purchasing facility to assume up to $50 million in Small Business Administration Paycheck Protection Program loans from Minority Depository Institutions (MDIs).
Additional immediate relief and investments in longer-term solutions to the COVID-19 pandemic around the world include:
Europe, Middle East and Africa
Through the generosity and engagement of colleagues around the world, Citi raised over $4 million through its Double the Good employee donation campaign. Having exceeded the $2 million goal in colleague donations, Citi is donating $500,000 to each of the four organizations selected by Citi's regions to address unique challenges: United Nations Development Programme (Asia Pacific), International Rescue Committee (Europe, Middle East and Africa), the International Organization for Migration (Latin America) and Direct Relief (North America).
In addition, Citi continues to take proactive measures to preserve the well-being of employees globally. Citi is also offering assistance to impacted customers through credit card payment deferrals, fee waivers, hardship programs, and additional small business support.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach deploys the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.