The NFL has announced plans to borrow $78 million from 16 Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), and minority- and women-focused banks “in support of business opportunities with diverse enterprises across the country.”

Acording to a statement from the league, NFL executives worked with Bank of America to identify banks that offer essential financial products to a diverse group of” individuals, businesses, and communities.”  Additionally, the league consulted with the National Black Bank Foundation (NBBF), one of the leading organizations that provide operational support services to Black-owned banks and supports historically “undercapitalized banks.”

In the creation of the initiative, the NFL earnestly sought to create organic relationships with diverse financial institutions that will provide new economic opportunities that are usually only offered by larger financial institutions and in promotion of the diversity of its banking partners.

Joe Siclare, Executive Vice President of Finance and League Policy at the NFL, expressed his excitement about the partnership in a statement.

"The NFL is thoroughly committed to improving diversity across all aspects of the League, and that includes doing business with diverse suppliers and partners," Siclare’s statement read. "We are excited that this program will help enhance the reach of these institutions while investing in the local communities that they serve."

“Minority-focused banks, and especially Black-owned or operated banks, are trusted community partners that are more important now than ever given the challenges we are seeing across the country in banking," added Ashley Bell, co-founder of the National Black Bank Foundation. "The NFL's decision to look for solutions beyond Wall Street and to the centers of hope along Main Street and MLK Jr. Drives will move the needle as others follow their lead."

Banks involved in the venture include, Nashville-based Citizens Savings Bank and Trust Company; Detroit-based First Independence Bank, Washington D.C.-based Industrial Bank; Unity National Bank of Houston, and several others around the country.

The league's partnership with minority-owned banks is just the latest example of the NFL’s ongoing commitment and investment in social justice efforts. In May, the league established the Diversity in Sports Medicine Pipeline Initiative to recruit more Black doctors to work on NFL teams.

Also, Inspire Change, an initiative that funds the league's various social justice programs has exceeded the $300 million mark and 15 grant partnerships were renewed by the NFL and the Players Coalition “to drive further progress in police-community relations, criminal justice reform, education, and economic advancement.”