PNC Bank launched a new minority business development group, which will deliver products, solutions and resources focused on advancing the financial wellness of emerging minority-owned businesses.
Comprised of bankers and advocacy partners, the minority business development group will help prepare minority-owned businesses for effective growth, development and sustainability. The group will invest in and leverage technology and financial solutions in order to empower, educate and accelerate entrepreneurial success.
“By making this investment, we are further reinforcing our local market commitment to small businesses and ensuring we are doing all that we can to help minority-owned businesses succeed and grow,” Alex Overstrom, head of small business at PNC, said. “PNC is dedicated to being an advocate and champion in this space, so I’m excited to see the team bring this commitment to life in communities across the country.”
With 33 years of banking experience, Marshalynn Odneal, national sales executive for minority business, will lead this national effort. She and her team of bankers will work in close collaboration with PNC’s dedicated minority business development officers (MBDOs) and community development banking and corporate responsibility groups, as well as the bank’s regional presidents across the United States, to establish and deepen relationships with minority-owned business clients and prospects. These teams will work together to enhance the capacity-building of minority-owned businesses through strategic alliances with external organizations that support business development and offer technical support to foster business growth opportunities.
“Small businesses are the fabric of our communities, and it’s our privilege to help and support them,” Odneal said. “Through this work, we hope to become a true partner to minority business owners and arm them with the tools and support they need to be successful. Our team will be a part of these communities, fulfilling our mission of financial wellness for all by ensuring equitable access to products and solutions that will help these businesses thrive.”
The efforts of PNC’s minority business development group will help support a portion of the bank’s $88 billion community benefits plan, which will provide $26.5 billion in small business loans, investment and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and neighborhoods through 2025.
“PNC’s community benefits plan will have a direct impact on the work we’re able to do in these communities, including our ability to leverage and expand upon alternative lending options through external partners for Black and Brown business owners in LMI communities,” Odneal said.
To expand the focus on minority-owned businesses and the unique challenges they face, PNC also is launching a certified minority business advocate (cMBA) program, a voluntary advocacy training program available to PNC employees interested in providing enhanced support for minority-owned businesses. The new certificate program will focus on helping PNC employees understand the unique challenges facing minority-owned businesses.