By State Rep. Anthony Bellmon
As a state legislator who has dedicated my career to uplifting underserved communities in Philadelphia, I’ve witnessed firsthand the transformative power of comprehensive community development. That’s why I’m excited about Capital One’s recently announced $265 billion Community Benefits Plan.
This historic commitment, tied to Capital One’s proposed acquisition of Discover, could be a game-changer for neighborhoods like the ones I represent in Pennsylvania and across the country. The plan’s $44 billion for community development financing is particularly striking. This includes support for community services, economic development and neighborhood revitalization.
In my years serving the northern Philadelphia area, I’ve learned that thriving communities need more than just affordable homes. They need quality schools, accessible healthcare, job opportunities and robust small businesses. Capital One’s plan addresses these interconnected needs. Their commitment includes financing for public infrastructure, healthcare facilities and educational institutions – the very building blocks of strong communities.
I’m particularly impressed by the $5 billion earmarked for solutions to challenges faced by low- and moderate-income communities. This includes support for employment initiatives, food accessibility and renewable energy projects. In neighborhoods I represent, where unemployment and food deserts are persistent issues, these investments could be transformative.
The plan’s focus on small business development is also crucial. With $15 billion committed to small business lending in low-income areas, we could see a revitalization of commercial corridors that have long been neglected. This means more local jobs, increased economic activity and a renewed sense of pride in our communities.
Capital One’s commitment to Community Development Financial Institutions is another standout feature. The additional $500 million in capital for CDFIs will amplify the impact of these vital organizations that understand our communities’ needs intimately. In Pennsylvania, where CDFIs have been instrumental in financing small businesses and affordable housing in underserved areas, this influx of capital could be revolutionary.
Throughout my tenure, I’ve championed the importance of financial empowerment. Capital One’s plan addresses this through expanded access to no-fee checking accounts and innovative financial education programs. By growing their Bank On certified accounts by 50%, they’re providing crucial tools for financial stability to those who have been historically excluded from the banking system.
The role of nonprofit partners like NeighborWorks America in shaping this plan cannot be overstated. Their involvement ensures that these commitments are grounded in real community needs. Other partners, like the National Association for Latino Community Asset Builders, add further credibility and ensure investments will reach our diverse communities.
For Pennsylvania neighborhoods struggling with disinvestment, the comprehensive approach outlined in this plan could be truly transformative. New affordable housing, improved community facilities, expanded small business support and increased financial inclusion would work in concert to uplift entire communities.
As regulators review Capital One’s proposed acquisition of Discover, I urge them to consider the far-reaching potential of this community benefits plan. The commitments made by Capital One, shaped by respected nonprofit partners, offer a rare opportunity to drive significant resources toward holistic community development.
Pennsylvania’s communities face complex, interconnected challenges that require multifaceted solutions. Ambitious private sector commitments like this, paired with thoughtful public policy, give us the best chance to create lasting positive change. The Capital One Community Benefits Plan represents the kind of bold, comprehensive investment our communities have long needed.
As someone who has spent decades fighting for underserved neighborhoods, I believe this plan deserves our enthusiastic support. It’s not just about building houses – it’s about building stronger, more resilient communities where all Pennsylvanians have the opportunity to thrive. ••
