SANTA CLARA, Calif. December 19, 2022 – Silicon Valley Bank, the bank of the world’s most innovative companies and investors, today announced it has made investments totaling $17.5 million into four community development financial institutions (CDFIs) dedicated to delivering responsible, affordable lending to low-income and underserved communities. The investment recipients are: Accion Opportunity Fund, Community Vision Capital & Consulting, Grameen America, Inc. and Housing Trust Silicon Valley.
The investment recipients are all organizations led by women and people of color, a priority area of investment defined in SVB’s Community Benefits Plan.
“The affordable housing units and small businesses financed by CDFIs are essential for thriving communities,” said Fiona Hsu, Head of Community Development Finance for Silicon Valley Bank. “We are pleased to continue our longstanding relationships with these CDFI partners, who will use the investments to make a positive impact in the historically under-resourced communities they serve.”
The investments were led by Silicon Valley Bank’s Community Development Finance division, which works with community development organizations, nonprofits and government agencies to finance building projects and assistance programs in low- and moderate-income (LMI) areas to create stronger and more resilient communities. Between 2002 and 2021, SVB committed approximately $1.1 billion in investments and almost $1.6 billion in loans to help build or rehabilitate close to 10,000 affordable housing units in the San Francisco Bay Area. Following SVB’s acquisition of Boston Private in 2021, the Community Development Finance team’s mandate expanded to include Greater Boston and Greater Los Angeles.
Each of the four named investments was made as equity equivalent (EQ2) investment, a credit vehicle specifically designed for CDFIs to enable more lending and investing in underserved communities.
The investments represent progress toward the goals outlined in SVB’s Community Benefits Plan, which was announced in 2021 and commits $11.2 billion over five years to LMI communities in California and Massachusetts, including $4.8 billion in community development loans and investments. SVB will publish its annual Community Benefits Plan progress in the company’s 2023 ESG Report.
To learn more about how SVB supports its communities, view the 2022 ESG Report.
Contact
Lucy Muscarella, Corporate Communication
lmuscarella@svb.com
About Silicon Valley Bank
Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.
Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (SVB) (Nasdaq: SIVB). SVB Financial Group is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license. [SIVB-C]
# # #