Our Commitment To The Community
Building Strong Communities
At First Horizon Bank, we understand the importance of meeting the financial needs of the communities we serve across our footprint.
We continue to build on the commitment to invest nearly $4 billion to broaden access to financial resources in underserved and low- to- moderate income communities in the Southeast region of the United States. The investment is designed to strengthen community, economic and small business development.
Our commitment includes mortgage and small business lending, community development lending and investments, philanthropy, and spending with minority-owned suppliers and marketing firms. It also includes innovative methods to increase the convenience and physical access to financial services in low- to moderate-income communities.
The five-year commitment includes the following priorities and targets:
- Increasing home ownership: Fund $515 million in home purchase and rehabilitation mortgage lending to low- to moderate-income individuals and communities and to people of color and communities.
- Building small business: Fund $1.9 billion in small business lending to businesses in low- to moderate-income areas and businesses with less than $1 million in gross annual revenue.
- Fostering community development: Fund $1.5 billion in community development and multi-family lending and investments.
- Strengthening communities: Fund $40 million in grants and philanthropy, including supporting workforce development, small business, housing counseling, Community Development Corporations (CDC), Community Development Financial Institutions (CDFI), and funding financial literacy and education programs for youth, adults and small business entrepreneurs.
- Supporting supplier diversity: Devote three to six percent of the bank’s supplier spending to minority-owned businesses.
Corporate Social Responsibility: Here for Good
At First Horizon, we are committed to the communities we serve. To learn more about our activities and how First Horizon is Here for Good, click here.
