How Nonprofits Can Approach Banks for Community Impact Funding: CSR and CRA

If you're a nonprofit leader, you've likely noticed that banks can be surprisingly generous partners—but you might not know where to start. Between corporate social responsibility (CSR) initiatives, community giving programs, and the Community Reinvestment Act (CRA), banks have multiple avenues for supporting nonprofits. Understanding these can open doors to funding, partnerships, and meaningful impact. In this blog, you'll learn about various grant funding options available from banks, along with a step-by-step guide on how to approach a bank for financial support.

Understand the Role of CSR in Banking

Banks, like other corporations, have CSR priorities that guide their giving. This can include:

• Supporting financial literacy and education

• Funding community development programs

• Promoting economic equity

• Investing in workforce development or affordable housing

Your first step is to research a bank's CSR focus areas. Many banks publish annual CSR reports or highlight community initiatives on their websites. Matching your mission to their stated priorities increases your chances of receiving funding.

Know the Community Reinvestment Act (CRA)

The CRA is a federal law that encourages banks to meet the needs of the communities where they operate, especially in underserved neighborhoods. While the CRA doesn't require grants to nonprofits, it incentivizes banks to invest in programs that:

• Promote affordable housing

• Support small businesses or entrepreneurship

• Improve community development and infrastructure

• Enhance access to financial services

Banks often fund nonprofits whose programs help them meet CRA obligations. In other words, if your work aligns with CRA-eligible activities, you may be a strong candidate for funding.

How to Approach a Bank for Community Impact Funding

1. Identify the Right Bank Contacts

Start by figuring out who manages community giving or CSR programs. This could be:

• Community development officers

• Corporate philanthropy managers

• CRA officers

These individuals are often eager to hear from nonprofits that can demonstrate measurable impact in the areas they're required, or motivated, to support.

2. Craft a Clear and Impactful Proposal

When approaching a bank:

• Clearly articulate how your work benefits the local community.

• Highlight measurable outcomes and the population served.

• Show alignment with the bank's CSR goals or CRA requirements.

• Keep your ask specific and actionable (e.g., funding a financial literacy workshop series or supporting a housing project).

Remember, banks are balancing regulatory requirements with corporate mission—they want to fund initiatives that create real community impact.

3. Leverage Existing Relationships

If someone on your board, staff, or volunteer network works at a bank, ask for an introduction. Personal connections often open doors faster than cold outreach. Even a small connection can lead to a conversation about funding opportunities.

4. Maintain the Relationship

Funding from banks isn't a one-time transaction. Keep your partners engaged by:

• Sending updates on outcomes and impact.

• Inviting bank representatives to events or volunteer opportunities.

• Recognizing their support publicly when appropriate.

• Following up for feedback or additional opportunities.

A strong, ongoing relationship can lead to multi-year support or new program funding aligned with CRA initiatives.

Banks are unique funders because of the combination of CSR priorities and CRA obligations. By understanding these mechanisms, clearly aligning your work with their goals, and building thoughtful relationships, your nonprofit can access funding that supports sustainable, community-driven impact.

With the right approach, you can confidently engage banks and secure funding that strengthens your programs and deepens your community impact. At Bloom Grant Consulting, I guide nonprofits through the sometimes confusing landscape of corporate and financial institution giving. Contact us to explore community impact funding opportunities for your nonprofit!