Platform Can Help Increase Funding Options for Best Buy Suppliers Through Network of Over 75 Lenders, Including 20+ Diverse Financial Institutions
New York, NY/Minneapolis, MN – Best Buy and Citi are collaborating to offer the Bridge built by Citi platform (“Bridge”) to the retailer’s small-and medium-sized suppliers.
Through a single loan request form submitted on the Bridge platform, Best Buy suppliers looking for loans between $100k and $10 million can reach a broad group of over 75+ community and regional banks and Community Development Financial Institutions (CDFIs). The 75+ lenders participating on the Bridge platform include more than 20 Minority Depository Institutions (MDIs) and four women-owned banks.
“We are committed to taking meaningful action to continue building a stronger, more vibrant community of diverse suppliers in the tech industry,” said Matt Bilunas, chief financial officer at Best Buy. “Our collaboration with Citi builds on our goal to support and empower underrepresented business owners across the country by helping increase access to funding and fueling opportunities for growth.”
In 2021, Best Buy pledged to spend at least $1.2 billion with BIPOC and diverse businesses by 2025 from nearly every corner of the company — from how it brings goods and services to stores to its supply chain to where and how it advertises.
Participating lenders on the Bridge platform will also increase their potential to expand and diversify their lending.
“Being a lender on the Bridge platform has helped bring our financial solutions to more businesses,” says Todd McDonald, President of Liberty Bank, an MDI based in New Orleans, LA. “We’re excited to expand that reach to Best Buy suppliers.”
Best Buy and Citi are striving to use this digital-first platform to help mitigate unconscious bias in lending and promote equal access to funding options. This access is a core part of both Best Buy and Citi’s goals to promote racial equity and supplier diversity.
“Bridge was developed to provide more inclusive access to capital while supporting innovative, digital-first solutions for business owners,” said Rohit Mathur, Head of the Bridge built by Citi platform. “By enhancing banks’ potential to connect with Best Buy suppliers, particularly those in underrepresented communities, we hope to help increase opportunities in those communities.”
In addition to the introduction of the Bridge platform to Best Buy suppliers, Best Buy and Citi will collaborate to provide suppliers with educational content to increase financial literacy.
“Citi is creating an ecosystem to support the SMB market. This includes market leading clients like Best Buy and minority owned banks,” said Harold Butler, Head of Citi’s Diverse Financial Institutions Group. “The Bridge platform is the tool which facilitates this connection between Best Buy suppliers and MDIs and drives a digital first approach to serve the community.”
Note: Terms and conditions apply. Neither Best Buy nor Citi have any influence in lending decisions, nor do they participate as lenders on the platform. The Bridge platform helps to facilitate the establishment of an independent relationship between a prospective borrower and one or more lenders.
About Best Buy
Best Buy (NYSE: BBY) is the world’s largest specialty consumer electronics retailer. Our purpose is to enrich lives through technology, which we do by providing our customers a unique mix of advice, products and services in our stores, online, and in homes. Our expert associates advise customers on our curated assortment of the latest, name-brand technology, while our highly trained services teams help with designs, consultations, delivery, installation, tech support and repair. We are a leader in environmental, social and governance issues, including through the Best Buy Foundation’s nationwide Best Buy Teen Tech Center® network and the significant role we play in the circular economy through repair, trade-in and recycling programs. We operate about 1,000 retail stores in North America and have more than 90,000 employees. For more information, visit corporate.bestbuy.com and investors.bestbuy.com.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Citi Communications: Patricia Tuma, firstname.lastname@example.org
Best Buy Communications: Ale Valeriano, email@example.com