Flagstar Bank distributes $1M to minority small businesses

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Flagstar Bank announced it is awarding $5,000 grants to over 180 small businesses owned by people of color in Flagstar’s banking markets.

The grants are designed to assist businesses whose operating expenses have been impacted by COVID-19.

“Based on the overwhelming response we’ve received, I think we’ve struck at the heart of a huge need in our communities,” said Alessandro DiNello, president and CEO of Flagstar Bank. “The economic impact of the pandemic has hit small businesses hard and small businesses owned by people of color even harder. We are pleased and proud to provide critical funding at such a critical time in the life cycle of these businesses.”

FCF Drywall in Wyoming is one of the area businesses to receive a grant.

“This support allows me to continue purchasing PPE so that my workers and myself can continue to work safely,” FCF Drywall CEO Seve Hernandez said.

Nonprofit partners West Michigan Hispanic Chamber of Commerce and Grand Rapids Area Black Businesses provided $5,000 grants to over 25 local small businesses.

Minority businesses with revenues of no more than $1 million that operate in Flagstar’s footprint of Michigan; Fort Wayne and South Bend, Indiana; and the High Desert of San Bernardino County, California, were eligible for the grants.

More than 1,200 businesses applied for the grants made available through 10 Flagstar nonprofit partners with a mission to serve people of color in Michigan, Indiana and California.

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