Fulfilling its social responsibility goals, Banco Popular recently became the first bank to invest in the Community Investment Fund run by the Puerto Rico Community Foundation, investing $250,000.
The contribution was formalized at the bank’s Community Reinvestment office, and will go into the financing program aimed at nonprofits, run by the Puerto Rico Community Foundation and launched in November 2014, with $500,000 in seed funding.
“Social commitment is one of Popular’s values since the early years of its foundation. It is essential that we evolve our community economic development strategies to contribute to a more prosperous, fair and supportive Puerto Rico,” said Vannessa Piñeiro, manager of Banco Popular’s Community Reinvestment division.
“There are various initiatives the bank has undertaken in the communities we serve and the Community Investment Fund is an advanced mechanism for our communities,” she said.
Banco Popular and the Community Foundation have been working together for years, along with other partners, to spur the development of non-traditional investment tools to activate the economy and generate jobs, focusing on nonprofits.
“The Community Investment Fund is the first fund in Puerto Rico that is established to cater exclusively to the nonprofit sector. It is for those organizations that are ready to enter into a credit relationship that will give them the motivation to boost the economy in their communities,” said Nelson Colón-Tarrats, executive president of the Puerto Rico Community Foundation.
With Popular’s investment, the foundation will provide financing at flexible and attractive terms to nonprofits.