FNB Announces $2.5 Million Commitment to Black Tech Nation Ventures

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FNB Corporation (NYSE: FNB) has announced that it is making a $2.5 million equity commitment to Black Tech Nation Ventures (BTN.vc), a majority black-owned venture capital fund based in Pittsburgh, Pennsylvania. BTN.vc provides funding and resources to Black-led startups and tech companies with diverse founders and teams, with the goal of enabling wealth creation for underrepresented entrepreneurs in FNB’s seven-state footprint and at through United States.

The investment in BTN.vc is part of FNB’s broader commitment to promoting economic equality, according to a press release. Throughout its multi-state footprint, the company has invested hundreds of millions of dollars in initiatives that drive job growth, create affordable housing and small business opportunities, promote financial literacy and champion overall social and economic development.

“Black Tech Nation Ventures has a proven leadership team and a mission that aligns with our own goal of providing resources to diverse communities,” said Vincent J. Delie, Jr.Chairman, President and CEO of FNB Corporation and First National Bank.

“We are confident that our partnership will meet FNB’s high standards of creating jobs and improving access to capital and support for underrepresented business owners in our markets.

Formed in 2021, BTN.vc is more than halfway through its prime $50 million fundraising goal. The venture capital fund intends to build a portfolio of 20-30 early-stage technology companies that have diverse founding teams and are focused on software and/or other technical solutions. In addition to funding, BTN.vc connects entrepreneurs with educational and advisory resources provided by its sister company, Black Tech Nation, a nationwide community of black tech professionals, innovators, entrepreneurs, and partners in industry.

Kelauni Jasmin, a Founding Partner of BTN.vc and Founder and Managing Director of Black Tech Nation, said, “We are pleased to be partnering with FNB and appreciate their commitment to supporting Black Tech Nation Ventures’ mission to democratize access to venture capital and generate wealth for marginalized communities. Together, we can help ensure that dark tech founders have equal access to investment opportunities. We look forward to working with FNB to create substantial impact in technology and venture capital. »

The collaboration with BTN.vc advances FNB’s efforts to encourage growth in low-to-moderate income and marginalized communities. In particular, the company has taken steps to enable the local community to participate in the significant economic benefits created by FNB Financial Center, its new headquarters in the Hill District in Pittsburgh, Pennsylvania. The development has substantial requirements for the participation of contracting companies with diversified ownership.

Moreover, as part of its more than $200 million in the form of loans, investments and grants in the Hill District, FNB has invested in programs that provide financing to local businesses and entrepreneurs, including: $5 million to an exclusive home loan program; a $1 million Equity-equivalent investment (EQ2) in the Urban Redevelopment Authority of Pittsburgh Avenues of Hope program to provide working capital to underrepresented entrepreneurs; and one $1 million capital contribution to Invest PGH, Inc., a community development finance institution, for its Accelerated Business Expansion Loan (ABEL) program.

FNB’s investment in BTN.vc was made through its mezzanine financing subsidiary, FNB Capital Corporation. To learn more about FNB’s inclusive practices, visit the Diversity and Inclusion section of its website or review its overall community engagement in its Corporate Responsibility Report.

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