RTTNews | May 20, 2021 10:10AM EDT

10:10 Thursday, May 20, 2021 (RTTNews.com) - SVB Financial Group (SIVB) announced a proposed five-year, $11.2 billion community benefits plan that builds on its long-standing commitment toward helping small businesses, financing affordable housing, reinvesting in low- and moderate-income communities and supporting the greater good through philanthropy and volunteering.

Over a five-year period from January 2022 through December 2026, SVB's $11.2 billion commitment will focus on providing financial support to low- and moderate-income communities in California and Massachusetts.

In addition, SVB plans to adopt and implement a corporate supplier diversity program with a goal, by 2026, of contracting at least eight percent of its corporate supplier spending annually to locally-based businesses owned or led by members of historically underserved communities, such as people of color and women.

As part of the proposed community benefits plan, SVB will also create a community advisory council and will meet with representatives from the California Reinvestment Coalition, The Greenlining Institute, MAHA and MACDC to review and discuss progress toward the plan's goals.

Read the original article on RTTNews ( https://www.rttnews.com/3196461/svb-financial-announces-five-year-11-2-bln-community-benefits-plan.aspx)

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