The American Bankers Association Foundation today released a new resource for nonprofit organizations on how to establish and maintain bank partnerships.
The guide, “The Power of Collaboration: A Guide for Nonprofits to Partner with Banks,” aims to help organizations learn more about the business of banking and how to foster strong, mutually beneficial partnerships that can lift up the communities they serve. It includes tips on how nonprofits can approach a bank about establishing a partnership, advice on how to make those partnerships successful and sustainable, and information on bank operations and how they are regulated, including their Community Reinvestment Act obligations.
“Nonprofits and banks have shared goals of fostering community development and improving the financial well-being of the communities they serve,” ABA Foundation Executive Director Lindsay Torrico said. “When banks and nonprofits collaborate, they can drive meaningful change, and we hope this resource will serve as a foundation for building and sustaining these important partnerships.”
In addition to the tips and informational sections of the resource, the guide also includes a glossary of financial terminology, links to resources on Community Development Financial Institutions (CDFI), Minority Deposit Institutions (MDI), nonprofit management and finance, as well as contacts for state bankers associations.
The guide is free and available to all nonprofit organizations, ABA members and nonmembers.
