The Amplify Fund is powered by the M&T Bank Charitable Foundation in the first significant philanthropic effort by M&T Bank across the former People’s United Bank footprint.
First announced in May 2022, the Amplify Fund is a $25 million philanthropic investment as part of the merger between People’s United and M&T Bank. The Amplify Fund is a one-time supplemental charitable program to provide further support in the legacy People's United communities throughout New England and New York, to benefit low- and moderate-income communities and underrepresented populations using a racial equity and justice lens.
As part of the Amplify Fund commitment, The M&T Charitable Foundation is pleased to announce a new Request for Proposals (RFP) – Amplify Fund – Financial Inclusion and Prosperity (“AF-FIP”).
Timeline:
RFP Opens: October 3, 2024
Application Deadline: November 14, 2024
Status Notifications: February 2025
Amplify Fund Financial Inclusion and Prosperity (“AF-FIP”)
FUNDING OPPORTUNITY & STRATEGIC PRIORITIES
This RFP seeks applications from nonprofit organizations that are centered on advancing financial inclusion and spurring economic growth and prosperity, with a particular focus on racial and social justice - throughout the People's United Bank legacy footprint, including Connecticut, Massachusetts, New Hampshire, southern Maine, Long Island and Westchester County, New York, and Vermont.
AF-FIP will seek to provide finite funding, up to three years, to community-based organizations that are centered on improving financial health and resiliency, wealth building, and providing opportunities that are eliminating barriers, reducing income inequality, and paving sustainable economic pathways for low-to-moderate income, underserved, marginalized, and Black, Indigenous, People of Color (BIPOC”) communities. This work should respond directly to documented needs, challenges, and gaps to create financial inclusion and build economic prosperity in the following key areas of focus:
Homeownership & Improvement
The creation of stock/ inventory of affordable housing options through new construction, renovation, and preservation initiatives, with a primary focus on creating pathways to homeownership opportunities.
Home improvement, weatherization, and energy efficiency programs designed to provide affordable and cost-effective solutions to homeowners to help reduce energy costs, increase the value of a home, and aid in sustainable homeownership.
Initiatives to grow and expand homeownership opportunities, including first-time home buyer programs, as well as downpayment and closing cost assistance.
Small Business Development/ Entrepreneurship & Career Growth
Initiatives that promote economic independence through entrepreneurship and small business development and growth, and expansion of current, innovative, and culturally relevant programs including financial assistance, training, technical assistance, and other support services to help small businesses grow and thrive.
Career growth opportunities, including upskilling and reskilling, and certification training that leads to increased income, job resiliency, sustainability, and financial success: and meets current and future workforce needs, with a focus on high-growth industries and fast-growing sectors within a particular region. Ex. Green jobs, technology, etc.
Financial Resilience
Programs and services that provide individuals equitable access to capital and support services, expands economic opportunities, and builds credit, assets, and wealth.
Initiatives focused on financial empowerment, building financial health and resilience, and equipping individuals with the capacity to manage adversity and adapt to changes (excludes basic and stand-alone financial education initiatives, including youth financial literacy).