BBVA Compass and the nation’s largest nonprofit microlender celebrated the grand opening of the BBVA Compass Lending and Learning Center in San Antonio last month. The group released a video highlighting the opportunity they hope to bring to the surrounding working class San Antonio community. The center was named in honor of a $1 million donation from the BBVA Compass Foundation.
The bank’s gift is another example of its long-standing commitment to bolster small businesses across its footprint and continues a partnership with LiftFund. The San Antonio nonprofit provides capital to people who do not have access to loans from traditional commercial sources and has developed a nationally recognized lending and development program for entrepreneurial success.
“Like LiftFund, we want to be an engine for people who really want to move their businesses forward,” said BBVA Compass Chairman and CEO Manolo Sánchez, who was on hand to present the check. “We know for a fact that LiftFund is going to move the needle to empower entrepreneurs and dreamers to make a difference in their communities.”
Since its inception in 1994, LiftFund has made more than 16,000 loans totaling more than $190 million. The BBVA Compass Lending and Learning Center will be the hub for LiftFund’s microlending for small businesses and entrepreneurs on its San Antonio campus, which is located in the West Side, a working-class, mostly Hispanic part of town.
In addition to the $1 million donation, BBVA Compass also made an equity equivalent investment to the nonprofit for another $4 million. The investment is part of the bank’s $11 billion pledge to boost economic development across all the communities in its footprint.
Congratulations BBVA Compass!