Visa has announced the launch of the $100 million Visa Minority Depository Institutions Accelerate, a multiyear program that will provide deposits, tools, and capacity support to MDIs across the country.

Through the program, Visa will invest up to $100 million via deposits with MDIs—institutions that are at least 51 percent owned by minority individuals or whose boards are primarily made up of minority individuals—to help them catalyze lending. In addition, Visa will provide tailored insights to MDIs, including aggregated insights on consumer spending, and support the development of the National Bankers Community Alliance’s digital impact measurement platform to enable MDIs to quantitively capture how they support their communities and help them attract new investment. The program also will equip MDI customers with digital tools and training, via a suite of small business payment tools on Authorize.net and digital learning platforms.

“Creating more equitable wealth distribution requires more inclusive opportunities for MDIs to uplift the communities they serve,” said Nicole Elam, executive director of the National Bankers Community Alliance, the nonprofit affiliate of the National Bankers Association. “We are pleased this multifaceted program will enhance the lending capacity of MDIs as well as empower minority-owned and -operated banks with social and economic impact data to better serve their customers and communities.”

“Visa acknowledges that economic disparities must be addressed through equitable access to financial resources. We want to do our part by working with MDIs and other associations tied to diverse communities.” said Michelle Gethers-Clark, chief diversity officer and head of corporate responsibility at Visa. “We believe MDIs play a critical role in improving economic outcomes and are proud that Visa MDI Accelerate will advance our shared goal of uplifting everyone everywhere.”

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