PNC Bank Strengthens Commitment to Women and Entrepreneurs
PNC Bank today announced it will contribute an additional $220,000 to increase funding and support for 200 businesses run by women and nonbinary people. This announcement comes on the one-year anniversary of the company’s three-year, $1.257 million commitment to Coralus (formerly SheEO). To assist disadvantaged entrepreneurs in expanding and scaling their enterprises, Coralus offers interest-free loans and a community of support.
Increased 257 women and nonbinary people will be able to join the Coralus community and the new PNC Bank + Coralus Collective, a group of women and nonbinary business owners and financial advisers working together for growth and success, thanks to additional financial support from PNC.
According to the 2020 Global Gender Gap Report from the World Economic Forum, it will take 257 people 257 years to catch up to men economically, so providing the opportunity for 257 people to join Coralus is directly related to PNC’s Project 257SM, said Beth Marcello, director of PNC Women’s Business Development. “By increasing access to capital for more women and nonbinary entrepreneurs, the expansion of our partnership with Coralus enables PNC to make a real difference in the effort to close that gap, which is perfectly in line with our commitment to assisting everyone in advancing their financial situation.”
The Coralus community is made up of groups led by women and nonbinary people who are working on the World’s To-Do List, a list of 17 interconnected Sustainable Development Goals from the United Nations that deal with issues like poverty.
The creator of Coralus, Vicki Saunders, said, “From the beginning, PNC expressed and proven its great commitment to women, first by making us the largest gift that we’ve ever gotten from a U.S.-based firm, but also by investing more in this initiative than simply signing a check. “30% of the businesses that submitted for funding were suggested by PNC in just the first year of our cooperation. And now, by increasing its financial support for 200 more aspiring business owners, PNC is making a significant contribution to the loan pool that will eventually give these business owners access to an ecosystem of resources and no-interest finance, enabling them to grow their companies.”