MAJOR LEAGUE SOCCER LAUNCHES NATIONWIDE PARTNERSHIP WITH THE NATIONAL BLACK BANK FOUNDATION

 MAJOR LEAGUE SOCCER LAUNCHES NATIONWIDE PARTNERSHIP WITH THE NATIONAL BLACK BANK FOUNDATION

NEW YORK PRNewswire -- Major League Soccer today
announced that it would leverage a historic $25 million loan from a syndicate of Black banks, marking the first time any sports league has participated in a major commercial transaction exclusively with Black banks. Facilitated by the nonprofit National Black Bank Foundation (NBBF), the partnership is the latest significant step in a series of ongoing efforts by MLS in the Diversity, Equity and Inclusion space.

Major League Soccer (MLS) and National Blank Bank Foundation (NBBF) leaders join with Dr. Bernice A. King to announce MLS’s historic $25 million transaction with Black-owned banks across the country.

“Major League Soccer’s partnership with the National Black
Bank Foundation is a tangible step in the efforts to close the racial economic gap in the United States, and it’s the right business decision for us,” said MLS Commissioner Don Garber. “As a league, we continue to increase our initiatives in support of racial justice. In order to make a genuine impact, economic justice must be part of the equation.

This transaction with a syndicate of community-focused
Black banks is an important measure, and it is our hope this will raise awareness of the importance of Black-owned banks and their impact on the economy.”
The transaction announced today, coupled with the league’s
strong credit rating, will grow the banks’ capital cushion through fees and interest earned, creating additional capacity for new lines of credit for home and small business loans in communities of color across the country. In facilitating the loan, the NBBF organized a syndication team led by Atlanta-based Citizens Trust Bank and New York-based Carver Federal Savings Bank.

“Major League Soccer has raised the bar for corporate America
with this transformative partnership,” NBBF co-founder and general counsel, Ashley Bell, said. “If other leagues and major corporations follow the MLS model, lives of Black families all across this country will change for the better because their local Black bank will have the capital resources to approve historic numbers of home and small business loans.”

Black banks fuel social mobility in the United States by connecting borrowers of color to capital. However, the sector’s impact has been limited by a chronic, acute undercapitalization that has restricted the flow of credit it could create for underserved borrowers.

According to the Federal Reserve, the Black-white economic gap in the United States has remained virtually untouched since the Civil Rights Movement. Historical efforts by Black families to escape the continuum of poverty by building intergenerational wealth, primarily through homeownership and small business entrepreneurship, have been thwarted by racialized credit access. In 2020, lenders denied Black mortgage applicants at a rate 84% higher than white borrowers.

In October 2020, MLS unveiled a series of initiatives aimed at
combatting racism, advocating for social justice and increasing Black representation in the sport. Using the league’s resources and platform to make tangible contributions to closing the racial wealth gap is one important component of MLS’ commitment to diversity, equity and inclusion.

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