Citizens Bank Announces Grant Program for Minority-Owned Small Businesses

PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Bank announced today that it will award grants to minority-owned small businesses in recognition of the value that they bring as a vital part of our communities. With this program, Citizens will award 100 grants of $15,000 each ($1.5 million total) to 100 minority-owned businesses (customers and non-customers) across the Citizens 11 state footprint, extending its ongoing small business grant program.

“These grants, part of our ongoing $10 million commitment to promote social equity and advance economic opportunity, extend our promise to building stronger communities in which we operate and are aimed specifically at minority owned businesses to help them realize the positive impact small businesses have in those areas,” said Jack Murphy, President, Business Banking, Citizens Bank.

This program will also include a partnership opportunity (optional to the grant recipient) with SCORE, the nation’s largest network of volunteer, expert business mentors. If the recipient opts in, SCORE will match the business with a mentor to help build and sustain success.

Program Details:

What: The Citizens Bank Minority-Owned Small Business Grant Program provides assistance to minority-owned businesses within Citizens Bank’s 11 state footprint. Grant Amounts: 100 grants total, each for $15,000, for total of $1.5m.

Who: Open to both Citizens business banking customers and other businesses who are not Citizens customers in our branch footprint. This grant will be open to businesses that are at least 51% minority-owned, operated and controlled by an individual who is Asian American, Black American, Hispanic American or Native American, in business a minimum of 1 year, with annual revenue up to $1 million.

When: Applications for grants will open Monday, August 3, 10am ET – Friday, August 7, 5pm ET. Grant award recipients and disbursement of funds will occur in mid-September.

Where: To enter, please visit www.Citizensbank.com/minoritybusinessgrant

How: Applicants can submit a 150-word essay answering:

How would you use this grant to strengthen your business and community?

Entrants will be judged by the following criteria:

• Perceived effectiveness of entrant’s plan to use the grant to strengthen and sustain their business (40%)
• Perceived effectiveness of entrant’s plan to use the grant to help their community (40%)
• Appropriateness to grant program theme and Citizens Bank brand image (20%)

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.9 billion in assets as of June 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.