Associated Bank increases community investment

Posted on Apr 16, 2021 :: Insight on Business, Web Exclusive
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Posted by of Insight Publications

Associated Bank, N.A. will increase its Community Commitment Plan by 40 percent for the next three years.

The Community Commitment Plan is focused on helping communities across Wisconsin, Minnesota and Illinois grow and prosper through sound financial services, volunteerism and community investment. The three-year commitment is $3.37 billion — up 40 percent from what was pledged for the 2018-2020 plan and is the bank’s largest commitment to date.

Highlights of Associated Bank’s commitments include:

  • $2.4 billion in residential mortgages and $15 million in down payment and closing cost assistance to support low-to-moderate-income (LMI) and minority borrowers and/or majority-minority geographies.
  • $350 million in small business loans to support the growth of businesses with revenues of $1.6 million or less, companies in need of loans of $1.6 million or less in LMI or minority census tracts, and businesses leveraging SBA loan programs.
  • $600 million in community development loans and investments supporting economic development, affordable housing, small business growth and lending to nonprofits that support LMI communities.
  • $8 million in Community Reinvestment Act (CRA)-qualified philanthropic grants and/or in-kind donations.
  • 14,000 hours of CRA-qualified volunteer time.