Flagstar Bank Distributes $1 Million to Support SmallBusinesses Owned by People of Color Local businesses benefit from grants

TROY, Mich., Dec. 10, 2020–Flagstar Bank today announced it will be awarding grants of $5,000 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.”

Small businesses with diverse ownership, revenues of no more than $1 million that operate in Flagstar’s footprint of Michigan; Fort Wayne and South Bend, Ind.; and the High Desert of San Bernardino County, Calif., were eligible.

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.

In California, two of the businesses to receive grants are Vinson’s Home Decor and The Loft Hair Studio. “This $5,000 grant will allow Vinson’s Home Decor to catch up on past rent due to COVID restrictions and retain two of my part time employees,” said Robert Vinson of Victorville, owner of the business.  

“Thank you so much,” said Michael Osgood of Palm Desert on behalf of his wife, Casie, who co-owns The Loft Hair Salon with her husband. “My wife is crying right now. This will save her salon.”

California nonprofit partners Southern California Black Chamber and AmPac Tri-State CDC provided $5,000 grants to more than 30 local small businesses. Seventy area businesses applied. For a complete list of recipients, go to flagstar.com/grants.

About Flagstar

Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 retail locations in 29 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $227.4 billion of loans representing slightly over 1.1 million borrowers. For more information, please visit flagstar.com.

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