WASHINGTON–(BUSINESS WIRE)–March 16, 2022–
The Siemens Foundation and Northern Trust today announced a $10 million commitment to two Community Development Financial Institution (CDFI) funds, PeopleFund and Disability Opportunity Fund (DOF), to support social equity and achievement. entrepreneurship in underserved communities. This investment follows an initial $10 million investment by partners in January 2021 in two CDFIs in the affordable housing and community clinic sectors, totaling a $20 million investment in CDFIs in just over a year. . The Siemens Foundation and Northern Trust have partnered to identify selected CDFIs and facilitate investments.
“The Siemens Foundation is committed to economic, social, and racial justice for all in the United States, and central to that mission is to close the opportunity gap in underserved communities,” said Barbara Humpton , Chair of the Board of the Siemens Foundation and CEO of Siemens USA. “We are proud to double our investment this year in partnership with Northern Trust, as CDFIs play a vital role in communities that too often lack support and access to capital.
CDFIs provide low-income, low-wealth communities with the capital they need for meaningful economic opportunity and development. According to the CDFI Fund of the United States Treasury Department, there are 1,000 CDFIs operating nationwide. CDFIs are collaborative, market-based vehicles that bring together diverse private and public sector investors to create economic opportunities in low-income communities. CDFIs continue to grow in size and impact, and support community transformation.
“At Northern Trust, we seek to use our community development capital investments to create positive and lasting change in the communities where we live and work, and we are pleased to work with the Siemens Foundation to support social equity and entrepreneurial success in underserved communities,” said Kimberly Evans, Corporate Sustainability, Inclusion and Social Impact Manager at Northern Trust. “This aligns with our priority investment strategy focused on innovation as we deploy patient, low-cost capital to create long-term positive change.”
According to the US Small Business Administration, veterans are 45% more likely to start their own business. However, the Institute for Veterans and Military Families shares veterans cite access to capital as a major challenge to starting and growing a business.
With investment from Northern Trust and the Siemens Foundation, PeopleFund will use the proceeds for its new Veterans Loan Fund. Launched earlier this year, the Veteran Loan Fund brings together the expertise and strengths of member CDFIs to serve veteran entrepreneurs across the country, supporting them and providing technical assistance in low-income communities.
“Communities of veterans and people with disabilities represent a significant portion of our population, yet they disproportionately lack access to capital,” said David Etzwiler, CEO of the Siemens Foundation. “We are honored to support DOF and PeopleFund who are doing amazing work supporting these communities.”
According to the American Community Survey, approximately 700,000 workers with disabilities are self-employed. A significant number of these workers could become successful entrepreneurs, but there is a lack of access to resources, assets and capital. And according to Barclays, when customers with disabilities are able to better manage their money, economic vulnerability decreases and overall economic health improves.
The DOF advocates for providing financial solutions to low-income people with disabilities, who have been an underserved demographic. The DOF will use proceeds from Northern Trust and the Siemens Foundation to provide loans to individuals and organizations serving the disabled population across the United States, with an emphasis on affordable housing, schools and vocational training centers.
For more information about the Siemens Foundation, visit siemens-foundation.org.
About the Siemens Foundation
The Siemens Foundation has invested more than $138 million in the United States to promote equitable workforce development and education initiatives in science, technology, engineering and mathematics . Its mission is inspired by the culture of innovation, research and continuous learning that characterizes Siemens companies. The Foundation is committed to economic, social, and racial justice for all in the United States, and together, Siemens Foundation programs close the opportunity gap for young people in the United States and stimulate and support STEM workforce of today and the scientists and engineers of tomorrow. .
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to businesses, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 US states and Washington, DC, and 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2021, Northern Trust had assets under custody/administration of US$16.2 trillion and assets under management of US$1.6 trillion. For more than 130 years, Northern Trust has distinguished itself as an industry leader for its exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 USA, incorporated with limited liability in the USA Please read our global and regulatory information.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220316005034/en/
CONTACT: For journalists
Phone: (770) 826-7379; Email: [email protected]
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES PHILANTHROPY TECHNOLOGY FUND LEVERE FOUNDATION SCIENCE ENGINEERING FINANCE OTHER TECHNOLOGY OTHER PHILANTHROPY OTHER SCIENCE MANUFACTURING
SOURCE: Siemens Foundation
Copyright BusinessWire 2022.
PUBLISHED: 03/16/2022 09:00/DISC: 03/16/2022 09:02