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With the acquisition of SVB Private finalized, SVB is launching a five-year, $ 11.2 billion community benefits plan that builds on our long-standing commitment to help small businesses, finance affordable housing, invest in low- and moderate-income communities (LMI) and support the greater good through philanthropy and volunteering.
Plan activities include current programs and new initiatives, with the five-year span running from January 2022 through December 2026. The highlights include providing financial support to LMI communities in California and Massachusetts, including $5.0 billion in small business loans of $1 million or less, $4.8 billion in Community Reinvestment Act (CRA) community development loans and investments, $1.3 billion in residential mortgages to LMI borrowers and in LMI census tracts and $75 million in charitable contributions.
As part of our residential mortgage lending commitment, we will expand our participation in the Massachusetts Housing Partnership's ONE Mortgage and the City of SVB's ONE+SVB first-time homebuyer mortgage programs. We will also support the Massachusetts Housing Partnership Fund.
In addition, we plan to adopt and implement a corporate supplier diversity program with a 2026 goal of contracting at least 8% of our annual corporate supplier spending to local businesses owned or led by members of historically underserved communities, including people of color and women. We will also continue our commitment to increase management diversity at SVB and have signed on to Silicon Valley Leadership Group's 25x25 program.
Our business model serving small and growing businesses and our key community development initiative, Access to Innovation, are aimed at giving entrepreneurs, investors and innovative startups opportunities to build their businesses, create jobs and give back to their communities.
The community benefits plan includes the creation of a community advisory council and will meet with representatives from the California Reinvestment Coalition, The Greenlining Institute, Massachusetts Affordable Housing Alliance and the Massachusetts Association of Community Development Corporations to review and discuss progress toward our goals.
We operate under a Strategic Plan to comply with the Community Reinvestment Act, and we plan to amend our CRA Strategic Plan to include updated goals in California and new assessment areas for the greater SVB and Los Angeles regions.
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.
*LMI: low- and moderate-income communities.