Community Foundation for Greater Atlanta Announces Partnership with National Black Bank Foundation

The Community Foundation for Greater Atlanta has announced a new partnership to support the launch and growth of the National Black Bank Foundation (NBBF) -- which will make $2.5 billion in new loans to communities of color. The Community Foundation is supporting the effort by serving as NBBF’s fiscal sponsor as it awaits its final IRS determination letter, which will allow it to act as an independent nonprofit entity. 

“Our mission and mandate to our community is to build economic and social equity for all,” said Frank Fernandez, president and CEO of the Community Foundation for Greater Atlanta. “Essential to that promise is providing access to banking and wealth building for Black families and businesses. We wanted to support this initiative because at the end of the day, strengthening Black-owned banks ensures that those who have been hit the hardest by systemic racism will now have access to economic opportunity and upward mobility.”

The Community Foundation will also provide ongoing administrative services to NBBF through back-office support, including financial oversight and managing donations to the organization. The Community Foundation will also connect NBBF to  a network of 800 U.S. community foundations. These efforts will accelerate NBBF’s ability to grow and scale its impact in local communities.

NBBF  supports America’s Black-owned banks through technical, strategic, regulatory and legal expertise to help modernize the Black banking sector and help it scale to meet the needs of underbanked people of color.