Recruiting for the inaugural Lender Pilot Program has been completed!
Announcing the Underwriting for Racial Justice Lender Pilot Program
Beneficial State Foundation has started the Underwriting for Racial Justice Lender Pilot Program, a U.S.-based program for lenders who are committed to increasing their lending to people of color. The selected 20 innovative lenders are participating in training and discussions together to share challenges, successes, and ideas. Beneficial State Foundation is collecting loan-level data for the programs in order to share results and drive change in the finance industry for good.
The two-year program is designed as a Community of Practice with peer lenders. Together the group will share results, challenges, learnings, and successes. We will disseminate findings and promote participating lenders to catalyze industry-wide impact. Resources include access to a state-of-the-art predictive analysis and credit decision management platform. We will also share tools, templates, training, and consultation support.
Catalyzing Racial Justice Together
The financial industry can help close the racial wealth gap and has a responsibility to help move our country to full racial and economic justice. To catalyze industry-wide change, it takes committed people and institutions working together to learn, un-learn, test, and share their experiences to improve outcomes for all. It takes lenders of all types—banks, credit unions, CDFIs, mortgage lenders—and people of all races and ethnicities to come together to do this work.
The Inaugural Lender Pilot Program Cohort
Beneficial State Foundation is proud to announce the lenders selected to participate in this groundbreaking work. Every application received for the Lender Pilot Program was genuinely compelling, so the Underwriting for Racial Justice team used factors such as commitment level, lender type, loan type, and geography to carefully select the following lenders:
- Beneficial State Bank
- Berkshire Bank
- Chehalis Tribal Loan Fund
- Community Vision
- Eastern Bank
- Enterprise Community Loan Fund (ECLF)
- Leech Lake Financial Services
- Montecito Bank & Trust
- NBT Bank, NA
- New Orleans Firemen’s Federal Credit Union
- REDF Impact Investing Fund
- Rivermark Community Credit Union
- Texas National Bank
- Twin Cities Habitat for Humanity Lending Inc
- Urban Redevelopment Authority of Pittsburgh / Invest PGH
- Vermont Community Loan Fund
- Working Solutions CDFI
- Washington State Employees Credit Union
All of these organizations are leaders in this journey toward a banking industry that works for everyone. Please see the press release for more information.
Pilot Program Information Session
View the recording of the information session that introduced the Lender Pilot Program. Topics include the pilot initiative, along with the perks and commitments for those who joined.
Take a look at the Lender Pilot Program guide that outlines the program parameters, including all the benefits and expectations for participating institutions.
Download Presentation Slides
View or download the slides presented by Erin Kilmer-Neel at the Lender Pilot Program introduction meeting to learn more about aspects of the program.
We are here to answer any questions you may have. Contact us via email to ask a question or to be added to the list to join us at our next URJ working group meeting, where we discuss racial justice in the finance industry.