The league is borrowing $78 million from a syndicate of Black- and minority-owned banks and community development financial institutions.
The loan deal will generate "tier 1 capital" for the banks and CDFIs.
According to the National Black Bank Foundation, it will boost their lending power by millions through banking fees and interest.
"These community banks sometimes have difficulty navigating down economic times.
"These banks loan money to people and businesses that need it without being predatory.
Persons:
Joe Siclare, Siclare, Ashley Bell, Martin Luther King, Bell, you'll, Dominik Mjartan
Organizations:
National Football League, National Black Bank Foundation, CNBC, NFL, National Basketball, Atlanta Hawks, Major League Soccer, Black, Bank of America, Silicon Valley Bank, Optus Bank
Locations:
Silicon, Columbia , South Carolina