BBVA Compass delivers on its promise to lift communities
The BBVA Compass Lending and Learning Center, which opened in June in San Antonio, is the hub for microlending for entrepreneurs at LiftFund, the nation's largest nonprofit small business lender.
April 20, 2016
• Report: BBVA Compass Community Commitment (April 20, 2016)
• BBVA Compass employees give more than 9,000 hours of their time during annual Week of Service (November 16, 2015)
• BBVA Compass ups its commitment to LiftFund by $4 million (San Antonio Business Journal, July 1, 2015)
• BBVA Compass, Houston Dynamo and Dash renovate East End home (KHOU, June 22, 2015)
• BBVA Compass launches zero-percent down mortgage program (Housingwire, March 2, 2015)
BBVA Compass put 5,427 families into new homes and 24,019 small businesses on firmer capital footing during 2015, the first full year of its 5-year, $11 billion commitment to low- and moderate-income individuals and neighborhoods.
BBVA Compass announced its intent to strengthen the communities it serves in late 2014, pledging over five years to originate $2.1 billion in mortgage loans to low- and moderate-income homebuyers and in LMI neighborhoods, $6.2 billion for small business lending, $1.8 billion for community development lending, and to make $900 million in community development investments. During 2015, it dedicated more than $2.5 billion in those efforts, with $819 million in mortgage loans to LMI households and areas, $1.1 billion in small business loans, $457 million in community development lending, and $205 million in community development investments.
“I am tremendously proud of what BBVA Compass has done in the past year to meet the needs of its communities and spread the promise of a brighter future to more people,” said BBVA Compass Chairman and CEO Manolo Sánchez. “We set out to strengthen lending, investing and services in the areas we serve that need our help the most, and we have delivered. Now we have legions of families and small businesses out there who know what we’ve always known to be true — they can count on BBVA Compass.”
Thanks to the bank’s efforts, the Federal Reserve Bank of Atlanta notified BBVA Compass in March that the bank had improved its rating to Satisfactory on its most recent Community Reinvestment Act exam, which measures how well financial institutions are meeting the credit needs of the communities they serve.
The bank has announced an array of initiatives to serve LMI individuals and areas since its initial $11 billion pledge in late 2014, among them the HOME mortgage program, which allows qualifying borrowers to finance up to 100 percent of a home's value.
BBVA Compass also set up a 19-member community advisory board that consists of national and local market community leaders from across the bank’s footprint. The community advisory board is helping to guide the bank’s continuing efforts to better serve LMI individuals and neighborhoods and strengthen its community development program. The board met Wednesday in the bank’s Birmingham headquarters.
“It’s been gratifying to serve on the BBVA Compass Community Advisory Board and witness firsthand the work that’s being done in Texas,” said Matt Hull, executive director of the Texas Association of Community Development Corporations. “You get a strong sense from the bank that this work is fundamental to its DNA, and it has a lot of energy and drive to do more. I know this much: BBVA Compass has already made a difference in people’s lives through its community development investments to organizations that are dedicated to solving the affordable-housing crisis.”
For more on the results from year one of the community commitment, go to bbva.info/11billion.