The Santander US Community Plan is a three-year commitment of $4.6bn in community reinvestment and $9bn in sustainable finance across the US.

More specifically, it will include:

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  • $1.5 billion in small business lending;
  • $3 billion in community development lending and investments, with more than $2.5 billion in affordable housing;
  • $9 billion in sustainable finance investment, with a focus on renewable energy;
  • 100% increase in direct supplier diversity spending;
  • $100 million in charitable giving to non-profit organisations;
  • 100,000 employee volunteer hours in underserved communities;

“Our latest community plan builds upon our long track record of investing in our communities, including small businesses, affordable housing and underserved communities. This new plan increases our commitments to affordable housing while adding sustainable finance and supplier diversity commitments”, said Santander US CEO Tim Wennes. “The Santander US Community Plan is another example of Santander’s ongoing commitment to sustainable solutions and helping communities prosper for generations to come.”

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The move comes shortly after Santander said it would invest in fintech Komgo to ramp up the digital transformation of trade finance. The bank took a strategic equity investment in Komgo, the world’s largest multi-bank trade finance network, to enforce synergy between Komgo’s tech and corporate client base and Santander’s global footprint and strength in trade finance.

Santander US is the American subsidiary of the Spanish group with the same name. The US bank teamed up with the National Community Reinvestment Coalition – a forum led by over 30 community-based organisations – to develop the US community plan.

Jesse Van Tol, president and CEO of the National Community Reinvestment Colation, welcomed Santander’s community plan.

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“NCRC and our 750-plus member organisations work with banks across the United States to advance a more just banking model”, Van Tol said. “When bank leaders and community organisations can sit down together, listen to one another and craft plans that promote a more equitable economic reality on the ground, everybody wins. Our members have been able to work with the company’s leadership to help shape the Santander US Community Plan to maximise Santander’s impact and advance our shared goal of helping communities prosper.”