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For Your Business April 24, 2024

Old National Bank Community Growth Plan Expanded to $9.5 Billion Supporting Historically Underserved in Communities

In February 2022, Old National announced a five-year, $8.3 billion Community Growth Plan (CGP) focused on expanding our longstanding commitment to support historically underserved and economically disadvantaged individuals, families and communities. The plan was developed in collaboration with the National Community Reinvestment Coalition (NCRC) and its members.

In early 2024, Old National expanded the plan to include the state of Tennessee, bringing the total five-year commitment to $9.5 billion.

A look at our 2023 Community Growth Plan results:

  • $480 million in small business loans
  • $318 million in home purchase and improvement loans
  • $769,335 in mortgage loan subsidies
  • $730 million in community development lending and investments
  • $7.1 million in philanthropic giving

A closer look at 2023 Home Purchase and Home Improvement Loan results:

  • $111 million to Low-to-Moderate income (LMI) borrowers
  • $70.6 million in LMI areas
  • $57 million in Majority Minority (MM) areas
  • $79.8 million to Black or Hispanic borrowers
  • $1 million in subsidies to LMI home purchasers

A closer look at 2023 Small Business Loan results:

  • $258 million in LMI areas
  • $222 million to businesses with $1 million or less in gross annual revenue

Other notable 2023 activities included:

  • Launched the Empowerment Small Business Loan Program designed for Minority- and Women-owned businesses with revenues of $25 million or less who may otherwise be turned down for a loan.
  • Significantly increased our Community Development Mortgage lenders in key markets.
  • 70% of our eligible spend was with diverse suppliers, exceeding our 30% goal. 
  • Our ONB Community Equity team deployed $70 million in various tax credits (low-income housing, historic and new markets).
  • Further enhanced our Home Manager Affordable Mortgage Program to increase eligibility.
  • Expanded our Down Payment Assistance availability and doubled available amounts in key markets.
  • Increased DEI programming for our already robust Diversity, Equity and Inclusion program.
  • Coordinated an increase of our Community Growth Plan commitment with the NCRC, following the planned acquisition of Nashville-based CapStar Bank, which closed on April 1, 2024.

To learn more about Old National community development, investments, charitable giving and more, go to oldnational.com/about-us/community.

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