Banks need strong partnerships with organizations that can help them meet the needs of the community and fulfill their CRA goals. Community-based nonprofit organizations provide opportunities for banks to volunteer, lend and donate funds and other resources to the individuals and areas that need it most.
Because nonprofits need a variety of support to serve their own clients and achieve their mission, the CRA creates incentives for banks to provide support. Banks are a great resources for nonprofits to find loans, donations and volunteers that are focused on CRA objectives.
Banks will earn CRA examination credit for supporting qualifying nonprofit programs and initiatives through their support of nonprofits. At the same time, nonprofits accomplish their goal of helping the community they serve. Everyone wins!