Mitsubishi UFJ Financial Group (MUFG) announced on Friday it is donating $3 million to support communities in which it serves across the U.S. Latin America and Canada, as well as clients and colleagues, that are affected by the coronavirus pandemic.
MUFG reported that in collaboration with nonprofit organizations, local government agencies, and public-private humanitarian partners, it will direct the $3 million in philanthropic pledge efforts to local communities globally:
- $1.4 million in support of the small business sector in the U.S., which will be allocated toward U.S. economic development activities that sustain small business operations, particularly in low- and moderate-income communities
- $500,000 for U.S.-based social safety net programs, including regional food banks, that provide human services to low- to moderate-income populations
- $100,000 earmarked for community-based organizations in Canada and Latin America
- $1 million to existing small business grants in the U.S.
Speaking about the donation and relief efforts, Julius Robinson, Head of Corporate Social Responsibility for the Americas, MUFG Union Bank, stated:
“COVID-19 is causing critical health, social and economic ramifications throughout the world. Relief and recovery from the global pandemic will require an extraordinary effort across sectors, including business, government, nonprofits and others. Small businesses in particular are in dire need of assistance. As a financial institution that is active in this space, we are uniquely positioned from a capital perspective to help fund both near-term and longer-term recovery efforts.”
MUFG added that its foundation has adjusted its funding criteria to consider grants that cover operating costs.