October 17, 2024 – Partnership for Financial Equity is pleased to announce the winners of our inaugural Elevating Equity awards, designed to recognize outstanding bank-community partnerships reaching low- to moderate-income households. Awards were given in three categories – small business lending, mortgage lending, and banking services.

Winning partnerships were the Cape & Islands Veterans Outreach Center (CIVOC) with Cape Cod 5 in the banking services category; Massachusetts Affordable Homeownership Alliance with M&T Bank for mortgage lending; and Boston Impact Initiative with Eastern Bank for small business lending.

“These three organizations are making their mark on Massachusetts communities by supporting the people who need it most,” said Lieutenant Governor Kim Driscoll. “Together, their commitment to breaking barriers and reaching underserved communities is changing lives. On behalf of the state, congratulations to these banks and community organizations for this award.”

“Banks and community organizations can sometimes visualize how to address key issues facing the Commonwealth through different lenses, but those diverse perspectives is exactly why these partnerships are so powerful,” said Brook Ames, Chair of PFE’s Board of Directors and SVP, General Counsel, Chief Risk Officer & CRA Officer of Leader Bank, N.A. “All three programs have made a significant impact in reaching underserved communities in Massachusetts, and we congratulate each of the recognized banks and community organizations on their outstanding work. We look forward to honoring and elevating similarly successful partnerships in the coming years.”

Cape & Islands Veterans Outreach Center/Cape Cod 5 Financial Education Partnership
Leadership at CIVOC contacted Cape Cod 5 in early 2023 to see if the bank could introduce financial literacy programming and information about accessible banking products to the veterans they serve. They had noticed that many local veterans were underbanked and did not trust financial institutions generally. The overarching goal is for these veterans to know that there are people in the community that care and are eager to help. This relationship has continued to

deepen and grow with Cape Cod 5 staff, many of whom are also veterans, collaborating to host a number of workshops spanning from basic banking to estate planning. Basic banking includes an introduction to certified Bank On and Basic Banking for Massachusetts accounts and information about banking benefits specifically for military and veterans – such as VA loans. CIVOC acts as a resource for local veterans to access a wide variety of services, from food access to mental health support, and now through this partnership also one on one consultations that can cover topics such as credit and debt repair, fraud prevention and guidance on savings, particularly for government payments.

“We’re proud to be recognized with this Elevating Equity award for our work with CIVOC,” said Matt Burke, Chairman & CEO of Cape Cod 5 and U.S. Army veteran. “Veterans have given so much of themselves in service to our country, and we want to help ease their transition back to civilian life through philanthropic partnerships, while also offering financial tools and education to help them succeed.”

“Our collaboration with Cape Cod 5 has allowed CIVOC to provide much needed financial literacy education sessions and 1-on-1 coaching to so many veterans in our community,” said James Seymour, Executive Director of Cape and Islands Veterans Outreach Center. “We have discovered that our veterans are more successful managing their finances as a direct result of Jim Curran’s [Cape Cod 5’s Director of Financial Know-How] effort. We look forward to more continued success with this program.”

Massachusetts Affordable Homeownership Alliance/M&T Bank STASH First-Gen Home
In 2019, MAHA launched Saving Toward Affordable and Sustainable Homeownership (STASH), a race-conscious program that provides education and downpayment assistance to first- generation homebuyers. STASH levels the playing field for first-generation homebuyers by providing access to critical financial and educational support to homebuyers across the state who lack the support of the “Bank of Mom and Dad.” Not only does the program provide its students a range of financial literacy classes that teach them the importance of sound financial management essential to preparing for the home buying process and sustaining homeownership, but through the $20,000 matching grant, it also gives them the critical financial boost to put them in a position to buy a home in one of the country’s most competitive housing markets. STASH participants are required to take 8 hours of financial empowerment classes instructed by experts including professionals from M&T Bank that range from SMART goal setting for homeownership, establishing good saving habits, building a budget, managing credit, consumer rights, estate planning, and more. The M&T Bank Charitable Foundation has provided the Massachusetts Affordable Homeownership Alliance with $330,000 through its Amplify Fund and its 30 & 30 Giving Initiative. Since the beginning of the program in 2019, 185 STASH graduates have purchased homes. There are over 600 first-generation homebuyers in the program, working towards growing their savings and looking for a home to buy in Massachusetts.

“Our collaboration with M&T Bank has allowed us to amplify STASH and make a tangible difference for hundreds of families. Together, we are helping to break down systemic barriers and build long-term financial stability for households across Massachusetts,” said Symone Crawford, Executive Director of the Massachusetts Affordable Homeownership Alliance.

“Creative programs like the STASH program are essential to closing the racial homeownership and wealth gaps across Massachusetts,” said Isabel Cruz, Regional CRA Officer, M&T Bank. “M&T Bank is proud to support the statewide expansion of this program, and provide educational support to first-generation first-time homebuyers as they navigate the path to homeownership.”

Boston Impact Initiative/Eastern Bank
Launched in 2013, BII is a nonprofit impact fund working to build financial, social, and political power for entrepreneurs of color to help close the racial wealth divide. BII manages two integrated capital funds that have deployed $15M in debt and equity to over 85 BIPOC-owned enterprises and community-controlled real estate in MA and New England. BII is raising a $20M Fund II and is being certified as a Community Development Financial Institution. BII companies support over 1,500 jobs that pay a living wage. Each year, BII annually provides business coaching, resources, and connections to 100 small businesses. This business support program is made possible in part through funding from the Eastern Bank Foundation, enhancing BII’s ability to nurture and develop local enterprises. BII also delivers education and training programs to impact investors and advance impact investing with a racial equity lens. BII’s signature program for emerging fund managers has trained over 65 BIPOC and women leaders to launch 18 integrated capital funds across the U.S. Through direct investment and field-building programs, BII is transforming how capital is allocated to build community wealth, ownership, and power. Eastern Bank is BII’s long-standing primary bank collaborator. They have shaped small business research and financial products to better support BIPOC business owners due to the advocacy work of BII and the Coalition for an Equitable Economy, featuring Eastern Bank’s Equity Alliance for Business, which includes credit solutions through a Special Purpose Credit Program. The Eastern Bank Foundation is a longtime and consistent supporter of BII and a co-investor with BII on the East Boston Neighborhood Trust, which acquired 114 units of permanently affordable and workforce housing for persons below median incomes in 2022.

“Eastern Bank and its Foundation have been pivotal in expanding fair capital access for BIPOC entrepreneurs in Eastern MA” said Betty Francisco, CEO of Boston Impact Initiative. “Their support underscores a shared vision: that nurturing diverse talent and businesses is key to our collective prosperity. We’re grateful for this collaboration as we work together to build an equitable and inclusive economy for all.”

“Boston Impact Initiative is transforming the ecosystem of small businesses through strategic financing – across the array from debt to equity – providing necessary capital to entrepreneurs and small businesses of color that helps them grow, which is working to close the racial wealth gap,” said Nancy Huntington Stager, President and CEO, Eastern Bank Foundation. “We are so very proud to work with BII to ensure these options exist to drive greater economic inclusion and mobility in our communities.”

Awards were presented at the third annual Financial Equity Summit at Redemption Rock Brewery in Worcester earlier this month. The event featured keynote remarks from Lieutenant Governor Kim Driscoll and Deputy Comptroller of the Currency Donna Murphy who both congratulated the recipients. The Summit, organized each year by the Partnership for Financial Equity, is a two-day event which highlights innovative programs that are working, locally and around the country, to close racial wealth gaps and reach low- to moderate income households.